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 specified 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 a few months after the homeowner yearns for a mortgage payment, supposing the mortgage is still delinquent, and the home owner has not composed the missed payments within a specific grace period, the lending company will get started 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 to 15 days past due.
Each state has its 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 foreclosures, and the method for marketing the property. In twenty-two states – including Florida, 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 late.
If the foreclosure is approved, the local sheriff auctions the property to the maximum bidder to try and recoup what the bank is payable, or the bank becomes the owner and markets the property through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually will take 480 to 700 days, based on the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also called the power of sale, which is often faster and does not go through the courts unless the home owner sues the lender.
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