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 agreed in the mortgage deal. 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, supposing the mortgage is still delinquent, and the homeowner has not made up the missed payments inside a particular grace period, the financial institution will start to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days past due.
Each state has the own foreclosure laws covering 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 method for promoting 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 agreement to foreclose by showing the borrower is late.
If the foreclosure is approved, the local sheriff online auctions the property to the greatest bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and offers the property through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually will take 480 to 700 days and nights, in accordance with 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 often faster and will not go through the courts unless the homeowner sues the lender.
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