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 stipulated 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 a few months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments inside a specific grace period, the financial institution will start to foreclose. The particular farther behind the customer falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 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 choices for bringing the loan current and avoiding foreclosure, and the procedure for marketing the property. In 22 states – including California, Illinois, and Ny : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is late.
If the foreclosure is approved, the local sheriff online auctions the property to the greatest bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and sells the property through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually requires 480 to 700 days and nights, based on the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also called the power of sale, which is commonly faster and does not go through the courts unless the home owner sues the lender.
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