Property foreclosure is a situation in which a homeowner is unable to make full principal and interest repayments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as specified in the mortgage contract. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the home owner has not made up the missed payments within a specified grace period, the lending company will start 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 overdue.
Each state has their own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding property foreclosure, and the procedure for selling the property. In twenty-two states – including Florida, Illinois, and New York : 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 is approved, the local sheriff sales the home to the greatest bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and sells the home through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually takes 480 to 700 days, based on the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly 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 homeowner sues the lender.
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