Foreclosures 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 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 months after the homeowner does not show for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not comprised the missed payments within a specific grace period, the lending company will commence to foreclose. The farther behind the customer falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days past due.
Each state has the own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding property foreclosure, and the procedure for marketing the property. In twenty-two states – including California, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is late.
If the foreclosure qualifies, the local sheriff online auctions the home to the greatest bidder to try and recoup what the bank is owed, or the bank becomes the owner and offers the home through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days, in accordance with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also referred to as the power of sale, which is often faster and will not go through the courts unless the homeowner sues the lender.
Another Image of Foreclosure Redeemed:
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23573 3rd St, Montrose, AL 36559 The Cummings Company
3415 RAVENWOOD AVENUE, Baltimore, MD 21213
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