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Property 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 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 comprised 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 get up since lenders add fees for payments that are 10 to 15 days overdue.

Each state has their 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 22 states – including Florida, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by proving the borrower is overdue.

If the foreclosure is approved, the local sheriff auctions the property to the maximum bidder to try 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 contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually requires 480 to 700 days and nights, in accordance with the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also known as the power of sale, which is often faster and will not go through the courts unless the home owner sues the lender.

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