Foreclosure 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 agreed in the mortgage agreement. 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 misses a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments in just a specified grace period, the lender will start to foreclose. 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 past due.
Each state has its own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the method for marketing the property. In 22 states – including Fl, 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 delinquent.
If the foreclosure qualifies, the local sheriff auctions the house to the maximum bidder to try to recoup what the bank is due, 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 repayment through the lender's sale of the home, usually requires 480 to 700 days and nights, 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 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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