Foreclosure 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 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 weeks after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not made up the missed payments in just a specified grace period, the lending company will commence to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days past due.
Each state has their own foreclosure laws in 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 method for selling the property. In twenty-two states – including Florida, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by showing the borrower is late.
If the foreclosure qualifies, the local sheriff auctions the home to the maximum bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and offers the home through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually will take 480 to 700 times, in accordance with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also referred to as the power of sale, which tends to be faster and does not go through the courts unless the home owner sues the lender.
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