Documentation To Be Submitted To Aurora Loan Services For

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 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 months after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments inside a specific grace period, the financial institution will start to foreclose. Typically the farther behind the customer falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days overdue.

Each state has the 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 marketing the property. In 22 states – including California, Illinois, and Nyc : 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 house to the highest bidder to try to recoup what the bank is payable, or the bank becomes the owner and sells the home through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually requires 480 to 700 days and nights, in accordance with the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also referred to as 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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