Real Estate foreclosure, a subject that falls under the practice of Property Law and Real Estate, is the legal recourse a lender initiates to recover an unpaid balance on a home mortgage and other cost incidental to the foreclosure. Typically, the foreclosure process begins with a written notice of default sent to the borrower. In case of continuing default, the lender retains the right to sell the mortgage property in order to recover the money.

If you are going through a rough time financially and are now in danger of losing your home, here are some likely options you may be offered to reorganize your finances:

• A soft second loan, which is a second mortgage whose payment is forgiven or deferred until resale of the property.
• Pre-foreclosure sale, which will allow sale of the property and pay off the mortgage loan.
• Deed-in-lieu of foreclosure, which transfers title from borrower to lender to satisfy the mortgage debt.
• Special forbearance, which can help meet a new repayment plan by providing a temporary reduction or suspension of payment.
• Mortgage modification, which refinances the debt and/or extends the term and reduces the interest rate of the mortgage loan to bring payments to a more affordable level to the borrower.
• Partial claim payment paid to the lender, which brings the mortgage current with special assistance from the United States Department of Housing and Urban Development (HUD) by way of an interest free loan upon execution of a promissory note and subordinate charge over the property.

Always remember that under the Property Law and Real Estate Law the borrower is in the position to keep the property if the loan and foreclosure cost are paid off anytime during the foreclosure proceedings.

There is a law that governs the different forms of ownership in real property and personal property and that’s Property Law. Real Estate Law on the other hand covers anything that is permanently fixed to the land, such as a building.

The practice of Property Law and Real Estate includes Construction Law, Eminent Domain, Foreclosure, Homeowners Association, Land Use & Zoning, Landlord and Tenant Law, Property Law, and Property Management. Eminent domain specifically refers to the power of the government to possess land from private owners for pubic use such as highways, hospitals, schools, office building, and parks.

Eminent domain has become a very controversial subject; why, because how you can prove that exercising the power of Eminent Domain is for the good of the public when the public itself is forced to sell property to the government? Forcing people off their land and giving it to private developer to be used and developed for commercial interest to build condominiums and expensive offices, so that the government can raise more income on Property Law and Real Estate Taxes just does not sound sensible. The income derived from Property Law Taxes and Real Estate taxes should not be deemed more important than the welfare of the people.

Squatter's rights is one way to illustrate in layman’s term what adverse possession is. For example, a squatter sits on a particular property for period of time qualified for adverse possession and he is not removed from that area during that period of time, the squatter is close to eventually own the title of the land he is squatting on. Indeed, one of the requirements that qualify a squatter to the title of the proper is that he should not have been removed during the period.

If the property owner does not want to go through this, he can simply give the squatter temporary permission to use his property, or better yet, put his property on a lease.

In order to own land through adverse possession, there must be an actual possession of the property, an exclusive use of the property, an open or notorious use the property, hostile or adverse use of the property, and continuous use of the property. The term use of property means that you have to really use it as if you own the property yourself. You can build a house there; plant a garden there and clear it of weeds and so on.

If you are merely renting out the property or if the property owner has granted you permission to use the property, then there’s no way you can take over the property through something that is called adverse possession.