Fairhope AL Real Estate Foreclosures Bank Owned Homes REOs

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 stipulated in the mortgage agreement. One month after the homeowner misses a mortgage loan 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 comprised the missed payments inside a specific grace period, the financial institution will start to foreclose. The farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days past due.

Each state has the own foreclosure laws in 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 marketing the property. In 22 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 demonstrating the borrower is overdue.

If the foreclosure is approved, the local sheriff auctions the home to the maximum bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and sells the home 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, in accordance with the Mortgage Bankers Relationship 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 does not go through the courts unless the homeowner sues the lender.

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