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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 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, assuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments inside a specific grace period, the lender will commence to foreclose. The farther behind the customer falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 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 foreclosures, and the procedure for promoting the property. In 22 states – including Fl, Illinois, and Ny : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is delinquent.

If the foreclosure qualifies, the local sheriff auctions the home to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and offers the house through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 days, in accordance with the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also called the power of sale, which is often faster and will not go through the courts unless the house owner sues the lender.

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