Foreclosures is a situation in which a homeowner is unable to make full principal and interest obligations 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 mortgage payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not made up the missed payments within a particular grace period, the lending company will commence to foreclose. Typically the farther behind the borrower 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 their 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 foreclosures, and the process for selling the property. In twenty two states – including Fl, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is delinquent.
If the foreclosure is approved, the local sheriff auctions the property to the highest bidder to try to recoup what the bank is payable, or the bank becomes the owner and offers the property through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 days, in line with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also referred to as the power of sale, which is commonly faster and will not go through the courts unless the house owner sues the lender.
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