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 mortgage payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments inside a specific grace period, the lender will start to foreclose. Typically the farther behind the borrower 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 its 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 property foreclosure, and the process for selling the property. In 22 states – including California, Illinois, and Nyc ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is delinquent.
If the foreclosure is approved, the local sheriff online auctions the house to the maximum bidder to try to recoup what the bank is owed, or the bank becomes the owner and sells the home through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually requires 480 to 700 times, in accordance with the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also known as the power of sale, which is commonly faster and really does not go through the courts unless the house owner sues the lender.
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