Foreclosures 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 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 misses a mortgage payment, supposing the mortgage is still delinquent, and the homeowner has not comprised the missed payments within a particular grace period, the lender will commence to foreclose. Typically the farther behind the borrower 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 the 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 method for selling the property. In twenty-two states – including Fl, Illinois, and Nyc – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by proving the borrower is delinquent.
If the foreclosure qualifies, the local sheriff sales the house to the maximum bidder to try to recoup what the bank is payable, or the bank becomes the owner and markets the property through the traditional route to recoup the loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale of 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 – generally use non-judicial foreclosure, also known as the power of sale, which tends to be faster and does not go through the courts unless the homeowner sues the lender.
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