Learn how exactly the Springfield foreclosure works. The lender initiates the foreclosure process opening that channel of offering the owner an amount in exchange for the keys. This amount can either be a portion of the appraisal value of the home or a static payment. The acceptance of the borrower to this offer reverts the ownership of the home to the foreclosing party from the owner. A moving date is set and the time for the owner to negotiate the offer is when it is made to him so as to attain a better deal. After all the debtor’s idea is for you to leave.