Property foreclosure 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 stipulated in the mortgage contract. 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 does not show for a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not made up the missed payments inside a specified grace period, the financial institution will start to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 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 foreclosures, and the procedure for selling the property. In twenty two states – including Florida, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is overdue.
If the foreclosure qualifies, the local sheriff online auctions the house to the highest bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and markets the property through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually will take 480 to 700 days, in accordance with the Mortgage Bankers Association 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 will not go through the courts unless the house owner sues the lender.
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