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Property foreclosure 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 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 months after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not made up the missed payments within a specified grace period, the lender will get started to foreclose. The particular farther behind the customer falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days late.

Each state has their own foreclosure laws covering 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 selling the property. In twenty-two states – including Fl, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is late.

If the foreclosure is approved, the local sheriff sales the property to the greatest bidder to try and recoup what the bank is due, or the bank becomes the owner and markets the property through the traditional route to recoup their 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 times, in line with the Mortgage Bankers Organization 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 will not go through the courts unless the house owner sues the lender.

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