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 specified in the mortgage contract. 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 yearns for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not comprised the missed payments inside 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 late.
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 foreclosure, and the procedure for marketing the property. In 22 states – including Florida, Illinois, and Ny : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is delinquent.
If the foreclosure qualifies, the local sheriff sales the property to the greatest bidder to try and recoup what the bank is due, or the bank becomes the owner and sells the property through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually requires 480 to 700 days and nights, in accordance with the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also known as the power of sale, which tends to be faster and does not go through the courts unless the homeowner sues the lender.
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