The process of a foreclosure is to send you letters letting you know of the missed payments and the time if any to catch up on those payments.
Before the bank actually forecloses on the property you have to miss around 2 to 3 mortgage payments depending on the mortgages terms and conditions.
Then after the last missed payment the bank will send you out a letter letting you know that if you don't pay up all those missed payments for the mortgage and any late fees then a foreclosure process with start.
The Foreclosure is where the bank who owns the property takes it back and forces you out of the property.
If you don't leave the property like requested then a Sheriff will serve you papers and in some cases arrest you if you do not peacefully leave the property.
The Foreclosure is like an eviction because they will be evicting you from the property.
In most cases you can stop a foreclosure from proceeding.
If you have the full amount of the money owed and the late payment fees to pay the bank for the mortgage then you can usually work with the bank and pay the amount owed and stop the foreclosure.
Sometimes you can stall a foreclosure while you get the money up to pay the back payments owed but not all banks will agree to this.
If you have been good with your mortgage payments up until recently and this is your first foreclosure notice or first ever foreclosure and you have otherwise good credit then you can usually stop the foreclosure.
The bank wants it's money owed to them for the mortgage and would rather have the money than have the house which they have to sell to get their money back.
A foreclosed house can sit on the market for awhile and so the bank would rather you pay them the money and you keep the house than to foreclose on the house.