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 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 does not show for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not made up the missed payments inside a specific grace period, the lender will get started to foreclose. Typically the farther behind the customer falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days late.
Each state has their 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 method for selling the property. In 22 states – including California, Illinois, and New York ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is overdue.
If the foreclosure qualifies, the local sheriff auctions the property to the highest bidder to try and recoup what the bank is payable, or the bank becomes the owner and markets the house 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 will take 480 to 700 days, based on the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also referred to as the power of sale, which is often faster and does not go through the courts unless the homeowner sues the lender.
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