Foreclosure is the process by which a lender takes possession of a property when the borrower defaults on their mortgage. The foreclosure process can vary from state to state, but there are generally six steps:

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1. Payment default: The borrower misses a mortgage payment.

2. Notice of default: The lender sends the borrower a notice of default, which states that the borrower has defaulted on their mortgage and that the lender may foreclose on the property.

3. Notice of trustee's sale: The lender publishes a notice of trustee's sale, which announces that the property will be sold at auction.

4. Trustee's sale: The property is sold at auction to the highest bidder.

5. Real estate owned (REO): If the property is not sold at auction, the lender takes possession of the property and it becomes REO.

6. Eviction: If the borrower is still living in the property, the lender will evict them.