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 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 does not show for a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not composed the missed payments inside a specified grace period, the lender will get started 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 10-15 days late.
Each state has the 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 property foreclosure, and the method for selling the property. In 22 states – including Florida, 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 overdue.
If the foreclosure is approved, the local sheriff sales the house to the greatest bidder to attempt to recoup what the bank is due, or the bank becomes the owner and offers the home through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually requires 480 to 700 days and nights, in line with the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which tends to be faster and does not go through the courts unless the homeowner sues the lender.
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