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 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 a few months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not composed the missed payments within a specific grace period, the lending company will get started 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 to 15 days overdue.
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 property foreclosure, and the procedure for marketing the property. In twenty-two states – including Florida, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by demonstrating the borrower is delinquent.
If the foreclosure is approved, the local sheriff sales the house to the greatest bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and sells the home 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 for the home, usually will take 480 to 700 days, in line with 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 often faster and does not go through the courts unless the home owner sues the lender.
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