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 agreed 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 homeowner has not composed the missed payments inside a specified grace period, the financial institution will commence to foreclose. The particular 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 selections for bringing the loan current and avoiding property foreclosure, and the procedure for marketing the property. In twenty-two states – including Fl, Illinois, and Ny : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is late.
If the foreclosure qualifies, the local sheriff online auctions the property to the highest bidder to try and recoup what the bank is due, or the bank becomes the owner and offers the property through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually will take 480 to 700 days and nights, based on the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly 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 house owner sues the lender.
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