Foreclosure is, in its basic nature, the end or termination of an individual or group's right to a specific piece of property. It forces the mortgagee of the property(real or otherwise) to pay-up. This is an equitable action. It compels the mortgagee to either pay the money or monies due on the mortgage (or other form of debt secured by a lien) or turn the matter over to the courts. To put into place an action of foreclosure the holder of the property must default under the terms of the loan agreement. Foreclosure results in the sale of the property. The money pays off the lender and any other person with liens against the property. In the case of a bank loan or mortgage, the bank forecloses and takes possession of the house. Foreclosure may result in judicial sales or power of sale. You can contest a foreclosure or renegotiate. To help stop foreclosure, you need to talk to the lender and try to work out some form of a repayment plan. You may also ask to change the terms of the loan.