KeepMyTexasHome.org The foreclosure process

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 stipulated in the mortgage agreement. One month after the homeowner misses a home loan payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not composed the missed payments within a particular grace period, the financial institution will start to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days late.

Each state has their own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosures, and the process for promoting the property. In 22 states – including Florida, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is late.

If the foreclosure is approved, the local sheriff online auctions the home to the greatest bidder to try and recoup what the bank is owed, or the bank becomes the owner and markets the home through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually takes 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 known as the power of sale, which is commonly faster and does not go through the courts unless the home owner sues the lender.

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