What occurs during foreclosure proceedings?

During foreclosure proceedings, a property is sold to satisfy the mortgage debt. This legal process is initiated when a borrower defaults on their mortgage payments, leading the lender to take action to reclaim the outstanding amount owed. The lender can initiate foreclosure to recover their financial loss, and this typically involves a judicial process where the property is put up for auction. The proceeds from the sale of the property are then used to pay off the remaining mortgage debt, which is critical for the lender to recoup their investment.

In contrast, other actions like forcing a landlord to vacate the property or renegotiating the mortgage are not inherent to the foreclosure process. Instead, these options might occur in other legal scenarios, such as landlord-tenant disputes or financial restructuring, but they do not describe the fundamental purpose or outcome of foreclosure proceedings. Waiving claims against the borrower is also not a standard procedure associated with foreclosure; rather, the lender is typically seeking to recover dues rather than relinquishing their rights to the debt.