Foreclosure is a situation in which a homeowner is unable to make full principal and interest obligations 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 loan payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner does not show for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not made up the missed payments inside a specific grace period, the financial institution will start to foreclose. The farther behind the customer falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days past due.
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 property foreclosure, and the process for marketing the property. In twenty two states – including Florida, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is late.
If the foreclosure qualifies, the local sheriff auctions the home to the highest bidder to try and recoup what the bank is owed, or the bank becomes the owner and sells the home through the traditional route to recoup the loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually takes 480 to 700 days, based on 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 house owner sues the lender.
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