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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 specified in the mortgage deal. 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, presuming the mortgage is still delinquent, and the house owner has not composed the missed payments inside a specific grace period, the lender will commence to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days late.

Each state has its 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 foreclosure, and the procedure for marketing the property. In 22 states – including Fl, Illinois, and New York ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is delinquent.

If the foreclosure qualifies, 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 contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days, based on the Mortgage Bankers Relationship 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 commonly faster and does not go through the courts unless the home owner sues the lender.

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