Foreclosures is a situation in which a homeowner is unable to make full principal and interest repayments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as specified in the mortgage deal. One month after the homeowner misses a mortgage loan payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments in just a specific grace period, the lending company will start to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days past due.
Each state has its own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the procedure for selling the property. In twenty-two states – including Florida, Illinois, and Nyc – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is delinquent.
If the foreclosure qualifies, the local sheriff sales the home to the maximum bidder to try and recoup what the bank is owed, or the bank becomes the owner and sells the home through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually requires 480 to 700 days, in line with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also known as the power of sale, which is commonly faster and really does not go through the courts unless the homeowner sues the lender.
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