Foreclosure 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 specified in the mortgage agreement. 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 misses a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not comprised the missed payments within a particular grace period, the lender will start to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days past due.
Each state has its 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 process 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 authorization to foreclose by showing the borrower is overdue.
If the foreclosure qualifies, the local sheriff sales the property to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and markets the house through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days, in accordance with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also called the power of sale, which tends to be faster and will not go through the courts unless the home owner sues the lender.
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Owned Foreclosures Wellcome to REODEV Foreclosure Listings Database
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