Property 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 home loan payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner yearns for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not comprised the missed payments in just a particular grace period, the financial institution will commence to foreclose. The farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days past due.
Each state has the 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 property foreclosure, and the procedure for selling the property. In 22 states – including Florida, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is delinquent.
If the foreclosure qualifies, the local sheriff auctions the home to the greatest bidder to try to recoup what the bank is payable, or the bank becomes the owner and markets the home through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually will take 480 to 700 days, in line with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also known as the power of sale, which tends to be faster and will not go through the courts unless the home owner sues the lender.
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