Foreclosures 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 stipulated in the mortgage contract. 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 misses a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not made up the missed payments within a specific grace period, the lending company will commence to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.
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 procedure for promoting the property. In twenty two states – including Fl, Illinois, and Ny : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is overdue.
If the foreclosure qualifies, the local sheriff auctions the house to the maximum bidder to try and recoup what the bank is owed, or the bank becomes the owner and sells the home through the traditional route to recoup their 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, 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 commonly faster and does not go through the courts unless the house owner sues the lender.
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