Property foreclosure is a situation in which a homeowner is unable to make full principal and interest obligations 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 payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner yearns for a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not made up the missed payments in just a specified grace period, the financial institution will commence to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days late.
Each state has their own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosures, and the method for promoting the property. In 22 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 is approved, the local sheriff online auctions the property to the maximum bidder to try to recoup what the bank is due, or the bank becomes the owner and markets the property through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 times, based on the Mortgage Bankers Organization 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 homeowner sues the lender.
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