A:
A lender decides to foreclose on, or repossess, a property when the
owner fails to pay the mortgage. Unfortunately, thousands of homes end
up in foreclosure every year.  

Many
people lose their homes due to job loss, credit problems, divorce,
unexpected expenses, and during periods of economic instability.

Failure
to pay property taxes may also cause a homeowner to lose his home.
 Trouble can also arise when owners neglect to pay local water bills and
home insurance premiums.