The creditor will have an enormous amount of power in any foreclosure proceeding. It could in fact in most cases keep the previous mortgage payments made on a property and the property as well, which it could sell at a profit. There may be laws in some jurisdictions to prevent this however. Foreclosure proceedings also usually begin at the pleasure of the creditor, allowing it to start foreclosure when it wants to, allowing debtors some breathing room if so desired. In some places, laws are often powerless to prevent predatory mortgaging and foreclosing.