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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 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 weeks after the homeowner does not show for a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not composed the missed payments within a particular grace period, the lending company will commence to foreclose. Typically the farther behind the customer falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days past due.

Each state has its own foreclosure laws covering 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 marketing the property. In twenty-two states – including Florida, Illinois, and New York ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by demonstrating the borrower is overdue.

If the foreclosure qualifies, the local sheriff sales the house to the highest bidder to try to recoup what the bank is payable, or the bank becomes the owner and offers the property through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days and nights, based on the Mortgage Bankers Association of America.

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

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