Property 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 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 misses 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 lender will get started to foreclose. The farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days late.
Each state has its own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosure, and the method for promoting the property. In 22 states – including California, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by demonstrating the borrower is delinquent.
If the foreclosure qualifies, the local sheriff online auctions the home to the highest bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and offers the property through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days and nights, based on the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which is commonly faster and does not go through the courts unless the homeowner sues the lender.
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