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Property 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 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 months after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments within a specific grace period, the lender will commence to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days overdue.

Each state has the own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosure, and the method for marketing the property. In twenty two states – including California, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by demonstrating the borrower is late.

If the foreclosure qualifies, the local sheriff online auctions the home to the maximum bidder to try to recoup what the bank is owed, or the bank becomes the owner and sells the house through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually will take 480 to 700 days, based on the Mortgage Bankers Relationship of America.

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