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 stipulated in the mortgage deal. 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 homeowner has not comprised the missed payments in just a specific 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 their own foreclosure laws covering 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 procedure for marketing the property. In 22 states – including Fl, Illinois, and Ny : judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by proving the borrower is late.
If the foreclosure is approved, the local sheriff sales the property to the maximum bidder to try to recoup what the bank is owed, or the bank becomes the owner and sells the property through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually takes 480 to 700 times, based on 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 is often faster and really does not go through the courts unless the homeowner sues the lender.
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