Foreclosure is the legal process by which a lender tries to recoup the amount owed on a defaulted debt by seizing and selling the mortgaged property. Default occurs when a borrower fails to make a certain amount of mortgage payments, but it can also happen when the borrower fails to meet other requirements in the mortgage instrument. Foreclosure is a legal procedure that allows lenders to recoup the amount owed on a defaulted debt by seizing and selling the mortgaged property. The foreclosure procedure varies by jurisdiction, but lenders generally try to work with homeowners to catch up on payments and avoid foreclosure. The current national average number of days for the foreclosure process is 857. However, it varies widely by state.