Property 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 stipulated in the mortgage deal. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not comprised the missed payments within a specified grace period, the lender will start to foreclose. The farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days overdue.
Each state has its own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding property foreclosure, and the process for promoting the property. In 22 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 delinquent.
If the foreclosure qualifies, the local sheriff online auctions the home to the maximum bidder to attempt to recoup what the bank is owed, 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 payment through the lender's sale for the home, usually takes 480 to 700 times, based on the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also referred to as the power of sale, which tends to be faster and will not go through the courts unless the home owner sues the lender.
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