Foreclosure Foreclosure News Home Foreclosure, RE Investing, Home

Foreclosures is a situation in which a homeowner is unable to make full principal and interest payments 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 months after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the homeowner has not comprised the missed payments in just a specified grace period, the lender will get started to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days past due.

Each state has the own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosure, and the procedure for selling the property. In twenty two states – including Fl, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by demonstrating the borrower is overdue.

If the foreclosure qualifies, the local sheriff online auctions the house to the greatest bidder to try to recoup what the bank is due, or the bank becomes the owner and offers the property through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually takes 480 to 700 days, based on the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally 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 homeowner sues the lender.

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