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 contract. One month after the homeowner misses a mortgage loan payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not made up the missed payments in just a particular grace period, the lender will get started to foreclose. The farther behind the borrower 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 the 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 process for selling 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 showing the borrower is overdue.
If the foreclosure is approved, the local sheriff sales the property to the highest bidder to attempt to recoup what the bank is owed, 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 payment through the lender's sale for the home, usually takes 480 to 700 days and nights, in line with the Mortgage Bankers Relationship 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 tends to be faster and does not go through the courts unless the homeowner sues the lender.
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