What triggers a foreclosure process?

The foreclosure process is primarily initiated when a borrower defaults on mortgage payments. Default typically occurs when the borrower fails to make the required payments on time, leading the lender to begin the legal proceedings necessary to reclaim the property. This process allows lenders to recoup their investment by taking possession of the property used as collateral for the loan. Default can happen for various reasons, such as financial hardship or changes in personal circumstances, and it ultimately serves as a critical trigger for the foreclosure process to commence.

In the context of the other choices, a successful property appraisal does not initiate foreclosure; rather, it may be utilized for determining property value for various purposes. A change in property ownership alone doesn't trigger foreclosure, as ownership changes can happen for many reasons unrelated to mortgage payments. Finally, a buyer receiving loan approval pertains to the borrowing process and does not influence an existing borrower's status regarding their mortgage obligations. Hence, it is the default on payments that fundamentally triggers the foreclosure process.