Foreclosures 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 specified 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, assuming the mortgage is still delinquent, and the house owner has not made up the missed payments within a specified grace period, the lending company will get started 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 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 property foreclosure, and the procedure for selling the property. In twenty two states – including Florida, Illinois, and Ny – 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 is approved, the local sheriff online auctions the property to the maximum bidder to try to recoup what the bank is owed, or the bank becomes the owner and offers the house through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually takes 480 to 700 days, based on 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 is often faster and will not go through the courts unless the homeowner sues the lender.
Another Image of Foreclosure Redeemed:
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