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Property foreclosure 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 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, assuming the mortgage is still delinquent, and the house owner has not comprised the missed payments in just a particular grace period, the lending company will start 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 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 property foreclosure, and the process for selling the property. In 22 states – including California, Illinois, and Nyc ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is delinquent.

If the foreclosure is approved, the local sheriff auctions the house to the greatest bidder to try to recoup what the bank is owed, or the bank becomes the owner and offers the house through the traditional route to recoup the loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment 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 – mostly use non-judicial foreclosure, also referred to as the power of sale, which tends to be faster and does not go through the courts unless the house owner sues the lender.

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