Each state has a redemption period, or grace period in which the

Foreclosures is a situation in which a homeowner is unable to make full principal and interest obligations on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as agreed in the mortgage agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner yearns for a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not made up the missed payments within a specified 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 10-15 days late.

Each state has its 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 foreclosures, and the procedure for promoting the property. In 22 states – including California, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by showing the borrower is overdue.

If the foreclosure is approved, the local sheriff auctions the house to the greatest bidder to try to recoup what the bank is payable, or the bank becomes the owner and offers the home through the traditional route to recoup its loss. The entire judicial 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 – mostly 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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