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Foreclosure is a situation in which a homeowner is unable to make full principal and interest repayments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage agreement. One month after the homeowner misses a home loan payment, he/she is in default and will be notified by the lender. Three to six weeks 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 inside a specific grace period, the lender will start to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days past due.

Each state has its own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosures, and the process for selling the property. In twenty two states – including Fl, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by demonstrating the borrower is late.

If the foreclosure qualifies, the local sheriff sales the house to the greatest bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and offers the house through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually takes 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 commonly faster and really does not go through the courts unless the home owner sues the lender.

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