Foreclosure 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 agreed 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 weeks after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not composed the missed payments inside a specific grace period, the lending company will start 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 to 15 days overdue.
Each state has their 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 foreclosure, and the procedure for marketing the property. In 22 states – including California, Illinois, and New York ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by demonstrating the borrower is late.
If the foreclosure is approved, the local sheriff online auctions the house to the highest bidder to try and recoup what the bank is due, or the bank becomes the owner and offers the house through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually requires 480 to 700 days, in line 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 often faster and really does not go through the courts unless the house owner sues the lender.
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