Property foreclosure is a situation in which a homeowner is unable to make full principal and interest repayments 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 home loan 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, assuming the mortgage is still delinquent, and the home owner has not comprised 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 catch up since lenders add fees for payments that are 10-15 days overdue.
Each state has the own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosures, and the procedure for marketing 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 agreement to foreclose by showing the borrower is delinquent.
If the foreclosure qualifies, the local sheriff online auctions the property to the highest bidder to attempt to recoup what the bank is due, or the bank becomes the owner and offers the house through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually will take 480 to 700 days, in line with the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also called the power of sale, which is often faster and really does not go through the courts unless the homeowner sues the lender.
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