Foreclosure is a situation in which a homeowner is unable to make full principal and interest payments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as agreed in the mortgage agreement. One month after the homeowner misses a mortgage 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 house owner has not comprised the missed payments within a specific grace period, the lending company will start to foreclose. The farther behind the customer falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days overdue.
Each state has its own foreclosure laws in 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 California, Illinois, and Ny ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is overdue.
If the foreclosure is approved, the local sheriff online auctions the property to the highest bidder to try and recoup what the bank is owed, or the bank becomes the owner and offers the property through the traditional route to recoup the loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually will take 480 to 700 days, based on the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which tends to be faster and really does not go through the courts unless the homeowner sues the lender.
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