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 specified 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 weeks after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not comprised the missed payments within a particular grace period, the financial institution will start to foreclose. Typically the farther behind the customer falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days late.
Each state has their own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosures, and the procedure for marketing the property. In twenty two states – including Florida, 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 is approved, the local sheriff sales the home to the highest bidder to try and recoup what the bank is payable, or the bank becomes the owner and markets the property through the traditional route to recoup its loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually requires 480 to 700 days, in line with the Mortgage Bankers Relationship 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 is commonly faster and does not go through the courts unless the homeowner sues the lender.
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