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 loan payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not composed the missed payments within a specific grace period, the lender will start 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 10-15 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 foreclosures, and the method for selling the property. In twenty two states – including Fl, Illinois, and Ny ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is delinquent.
If the foreclosure qualifies, the local sheriff auctions the property to the greatest bidder to try and recoup what the bank is payable, or the bank becomes the owner and markets the home through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually requires 480 to 700 days and nights, based on 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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