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 contract. 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 yearns for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not made up the missed payments in just a specific grace period, the financial institution will start to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 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 options for bringing the loan current and avoiding foreclosures, and the process for selling the property. In twenty two states – including Fl, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is overdue.
If the foreclosure qualifies, the local sheriff auctions the home to the greatest bidder to try and recoup what the bank is owed, or the bank becomes the owner and markets the property through the traditional route to recoup their loss. The entire contencioso 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 line with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which is commonly faster and really does not go through the courts unless the homeowner sues the lender.
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