Property foreclosure is a situation in which a homeowner is unable to make full principal and interest payments 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 weeks after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments inside a particular grace period, the lending company will commence to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days late.
Each state has its own foreclosure laws in 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 process for selling the property. In 22 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 late.
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 offers the house through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually takes 480 to 700 times, in accordance with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also known 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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