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 agreed 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 weeks after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the homeowner has not composed the missed payments inside a specific 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 to 15 days late.
Each state has its 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 foreclosures, and the process for promoting 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 permission to foreclose by showing the borrower is overdue.
If the foreclosure qualifies, the local sheriff online auctions the house to the greatest bidder to try and recoup what the bank is due, or the bank becomes the owner and sells the property through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually requires 480 to 700 days and nights, in accordance with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally 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 home owner sues the lender.
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