Lien theory: mortgagor is entitled to possession until LAW 207

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 deal. 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, 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 commence to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to capture 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 choices for bringing the loan current and avoiding property foreclosure, and the method for promoting the property. In twenty-two states – including California, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is delinquent.

If the foreclosure qualifies, the local sheriff sales the property to the maximum bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and offers the home through the traditional route to recoup the 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 Relationship of America.

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

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38,000Foreclosure May Be Subject To Alabama Right Of Redemption

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