Home foreclosure laws are the set of laws governing the requirements for a foreclosure to occur, in specific regard to the circumstances warranting a foreclosure and the procedures that must be followed. As the provider and substantial risk taker in a loan, the lender has the legal right to foreclose, but only in situations that merit such a severe action. Under foreclosure law, the lender's right to foreclose begins with a default in payments. Though it very well may be a cause for concern, a missed payment by itself cannot serve as grounds for a foreclosure. But after 30 days, the homeowner reaches the status of default, accelerating the nonpayment to a matter of foreclosure, opening the option for the lender to begin the legal process. At this point, a notice of default is issued to the homeowner, starting one of three common types of foreclosure - either judicial, power of sale, or strict. Throughout the process, homeowners have the right to file suit by means of a legal action known as wrongful foreclosure, which may stop the proceedings if the foreclosure was indeed unlawful.