Happens to Personal Possessions After a Foreclosure? Sapling.com

Foreclosures 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 agreed in the mortgage agreement. 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 weeks after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not composed the missed payments in just a particular grace period, the lender will start to foreclose. The particular farther behind the customer falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days past due.

Each state has its own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosure, and the process for selling the property. In 22 states – including California, Illinois, and New York ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is delinquent.

If the foreclosure qualifies, the local sheriff auctions the house to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and markets the house 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 for the home, usually takes 480 to 700 times, based on the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also known as the power of sale, which tends to be faster and really does not go through the courts unless the homeowner sues the lender.

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