Foreclosures 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 agreed in the mortgage agreement. One month after the homeowner misses a mortgage 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, supposing the mortgage is still delinquent, and the house owner has not comprised the missed payments inside a specified grace period, the financial institution will commence to foreclose. 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 late.
Each state has its own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the process for selling the property. In twenty-two states – including Fl, Illinois, and Nyc ~ 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 is approved, the local sheriff auctions the home to the greatest bidder to attempt to recoup what the bank is due, or the bank becomes the owner and markets the house through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually takes 480 to 700 days, in line with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also called the power of sale, which is often faster and will not go through the courts unless the home owner sues the lender.
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