Property foreclosure 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 stipulated in the mortgage contract. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments in just a specified grace period, the lender will commence to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days overdue.
Each state has the 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 foreclosures, and the procedure for selling the property. In twenty two states – including Florida, Illinois, and Nyc – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by showing the borrower is overdue.
If the foreclosure is approved, the local sheriff auctions the property to the highest bidder to try to recoup what the bank is payable, 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 payment through the lender's sale for the home, usually will take 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 – mainly use non-judicial foreclosure, also known as the power of sale, which tends to be faster and really does not go through the courts unless the house owner sues the lender.
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