Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the

Property foreclosure 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 agreed in the mortgage deal. 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 does not show for a mortgage payment, supposing the mortgage is still delinquent, and the homeowner has not made up the missed payments within a particular grace period, the lending company will get started to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days late.

Each state has the 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 twenty-two states – including Fl, Illinois, and New York – 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 qualifies, the local sheriff auctions the house to the highest bidder to try and recoup what the bank is owed, or the bank becomes the owner and offers the home through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually takes 480 to 700 days and nights, based on the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also called the power of sale, which is often faster and will not go through the courts unless the home owner sues the lender.

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