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 specified in the mortgage agreement. One month after the homeowner misses a mortgage 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, presuming the mortgage is still delinquent, and the home owner has not made up the missed payments within a specified grace period, the lender will commence to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days overdue.
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 foreclosure, and the process for selling the property. In twenty two 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 showing the borrower is overdue.
If the foreclosure qualifies, the local sheriff sales the property to the maximum bidder to try to recoup what the bank is payable, or the bank becomes the owner and markets the property through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually requires 480 to 700 days, based on the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also called the power of sale, which is commonly faster and will not go through the courts unless the homeowner sues the lender.
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