What is the first step in the foreclosure process?

The first step in the foreclosure process often involves invoking the acceleration clause in the mortgage agreement. This clause allows the lender to demand the entire loan amount due at once if the borrower defaults on their payments. Once the acceleration clause is triggered, the lender can initiate further actions leading to foreclosure.

While negotiation with the borrower, issuing a summons, and sending a foreclosure notice are important steps that follow, they typically occur after the acceleration clause has been exercised. Negotiation can happen at various points in the process, but it is not a mandatory first step. Similarly, issuing a summons and sending a foreclosure notice usually occur after the lender has taken initial steps to recover the debt through acceleration.

Therefore, triggering the acceleration clause is crucial as it sets the stage for the lender’s next steps in pursuing foreclosure, making it the correct answer.