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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 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 home owner has not made up the missed payments in just a specified grace period, the lender will start to foreclose. Typically the 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 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 foreclosures, and the process for marketing the property. In twenty-two states – including California, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by proving the borrower is delinquent.

If the foreclosure qualifies, the local sheriff online auctions the house to the highest bidder to try to recoup what the bank is due, or the bank becomes the owner and offers the property through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually will take 480 to 700 times, in accordance with the Mortgage Bankers Relationship 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 really does not go through the courts unless the house owner sues the lender.

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