Foreclosures 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 agreement. 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, assuming the mortgage is still delinquent, and the homeowner has not composed the missed payments within a specific grace period, the lender will commence to foreclose. The particular farther behind the customer falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days overdue.
Each state has its own foreclosure laws in 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 process for selling the property. In twenty two states – including Fl, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is late.
If the foreclosure is approved, the local sheriff sales the property to the maximum bidder to try to recoup what the bank is owed, or the bank becomes the owner and sells the house through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 days, in accordance with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also called the power of sale, which is commonly faster and really does not go through the courts unless the homeowner sues the lender.
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