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 specified in the mortgage deal. 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, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments within a particular grace period, the lending company will commence to foreclose. 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 overdue.
Each state has their own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding property foreclosure, and the method for promoting 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 permission to foreclose by demonstrating the borrower is overdue.
If the foreclosure is approved, the local sheriff sales the house to the highest 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 takes 480 to 700 days, in accordance with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also referred to as the power of sale, which is commonly faster and does not go through the courts unless the home owner sues the lender.
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On A Brighter Side The Back Of The Banner Portrays Rays Of Redemption
Download a highresolution version of this Tax Foreclosure Timeline
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