Foreclosure is a process through which the lender can take possession of a home. Bank foreclosures are those where the homeowner has failed to make the necessary payments or when they have defaulted on the loan. In a way, it is a termination of homeowners' rights on the property or home as covered under the mortgage. To make a foreclosure happen, a lender has to first file a public default notice... known as the Lis Pendens or Notice of Default. There are three ways through which a foreclosure can end and they are: