First of three foreclosed Kelowna Mountain properties goes up for sale

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 specified 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 does not show for a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not made up the missed payments within a particular grace period, the financial institution will commence to foreclose. Typically the farther behind the customer falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days overdue.

Each state has its 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 property foreclosure, and the method for selling the property. In 22 states – including Florida, 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 late.

If the foreclosure is approved, the local sheriff online auctions the property to the maximum bidder to try to recoup what the bank is payable, or the bank becomes the owner and sells the property 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 requires 480 to 700 times, based on the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly 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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