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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 agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner does not show for a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments in just a specified grace period, the lending company will start 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 to 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 choices for bringing the loan current and avoiding foreclosure, and the process for marketing 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 agreement to foreclose by demonstrating the borrower is delinquent.

If the foreclosure is approved, the local sheriff auctions the property to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and markets the house through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually requires 480 to 700 days, based on the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also called the power of sale, which tends to be faster and really does not go through the courts unless the home owner sues the lender.

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