Foreclosure is the cutting off or termination of a right to property to compel payment of a mortgage or other debt secured by a lien. As to real property, like a house or land, foreclosure is started because of non-payment of the debt and leads to the selling of the property to which the mortgage or lien is attached in order to satisfy that debt. Lawyers who assist with foreclosure issues help struggling homeowners consider their options -- both foreclosure and foreclosure alternatives -- and determine the best course of action. Foreclosure alternatives may include loan modification, short sale, forbearance, reinstatement, and repayment plans.
Stambaugh was a city in Iron County in the U.S. state of Michigan. In the 2000 census, the city population was 1,243. Effective July 1, 2000, the city of Stambaugh and the village of Mineral Hills were both merged into the city of Iron River. The city was adjacent to Stambaugh Township, but was administratively autonomous.