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 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 a few months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not composed the missed payments within a specified grace period, the financial institution will commence to foreclose. The farther behind the debtor 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 its own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosures, and the method for marketing the property. In twenty-two states – including Fl, 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 overdue.
If the foreclosure qualifies, the local sheriff online auctions the home to the maximum bidder to try and recoup what the bank is payable, or the bank becomes the owner and offers the property 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 of the home, usually takes 480 to 700 times, in line with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also known as the power of sale, which tends to be faster and does not go through the courts unless the house owner sues the lender.
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