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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 contract. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not made up 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 past due.

Each state has the own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the method for selling the property. In twenty-two states – including California, Illinois, and Nyc – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by proving the borrower is delinquent.

If the foreclosure is approved, the local sheriff sales the home to the highest bidder to try and 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 legislativo foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually will take 480 to 700 days, in line with the Mortgage Bankers Association 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 will not go through the courts unless the home owner sues the lender.

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