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 stipulated in the mortgage contract. One month after the homeowner misses a mortgage 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 home owner has not composed the missed payments inside a particular grace period, the financial institution will start to foreclose. The farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days overdue.
Each state has its 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 foreclosure, and the method for marketing the property. In twenty two states – including Florida, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is delinquent.
If the foreclosure is approved, the local sheriff auctions the house to the maximum bidder to try and recoup what the bank is payable, or the bank becomes the owner and offers the home through the traditional route to recoup its loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually requires 480 to 700 times, 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 known as the power of sale, which is commonly faster and really does not go through the courts unless the homeowner sues the lender.
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