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 deal. 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 months after the homeowner does not show for a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not made up the missed payments in just a specific grace period, the financial institution will commence 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 to 15 days overdue.
Each state has its own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the process for promoting the property. In twenty two states – including California, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is delinquent.
If the foreclosure is approved, the local sheriff auctions the property to the highest bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and offers the house through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually takes 480 to 700 days and nights, 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 referred to as the power of sale, which is often faster and does not go through the courts unless the home owner sues the lender.
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