Foreclosure is a situation in which a homeowner is unable to make full principal and interest obligations on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated 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 does not show for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not made up the missed payments in just a particular grace period, the lending company will commence to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days past due.
Each state has the own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosures, and the method for marketing the property. In twenty two states – including California, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is overdue.
If the foreclosure qualifies, the local sheriff auctions the property to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and markets the home through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 times, in line with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also known as the power of sale, which is often faster and will not go through the courts unless the homeowner sues the lender.
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