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Property foreclosure 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 contract. 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 months after the homeowner does not show for a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not comprised the missed payments within a specified grace period, the lending company will get started to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days overdue.

Each state has the 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 marketing 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 agreement to foreclose by proving the borrower is late.

If the foreclosure is approved, the local sheriff auctions the home to the greatest bidder to try and recoup what the bank is owed, or the bank becomes the owner and offers the house through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually requires 480 to 700 days, in line with the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also called the power of sale, which tends to be faster and will not go through the courts unless the house owner sues the lender.

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