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 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 a few months after the homeowner does not show for a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments inside a specified grace period, the lending company will commence to foreclose. The particular farther behind the customer falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days past due.
Each state has their own foreclosure laws in 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 process for promoting 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 showing the borrower is late.
If the foreclosure is approved, the local sheriff online auctions the home to the highest bidder to try to recoup what the bank is owed, or the bank becomes the owner and markets the home through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually will take 480 to 700 days, based on the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also called the power of sale, which is often faster and does not go through the courts unless the homeowner sues the lender.
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