What event usually triggers foreclosure proceedings?

Foreclosure proceedings are typically triggered by a default in the payment of the mortgage note. When a borrower fails to make scheduled payments on their mortgage, the lender may initiate foreclosure to recover the amount owed. This process allows the lender to take back the property and sell it in order to recover the unpaid debt.

A default signifies a breach of the loan agreement, which provides the legal grounds for the lender to proceed with foreclosure. It is important for property owners to understand that missing payments can lead to significant consequences, including the loss of their home.

Other potential events listed, such as disagreements over property value, transfer of ownership, or changes in market conditions, do not directly lead to foreclosure. A disagreement on property value may impact market transactions but does not trigger a foreclosure itself. Similarly, transferring ownership of a property does not automatically lead to foreclosure proceedings unless there is a default on the mortgage that remains after the transfer. Changes in market conditions can affect property value and owner equity but are not a direct cause for initiating foreclosure. Thus, default on mortgage payments is the key event that leads to foreclosure actions by lenders.