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 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 weeks after the homeowner does not show for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not made up the missed payments in just a particular grace period, the lending company 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 in 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 twenty two 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 home to the greatest bidder to attempt to recoup what the bank is due, or the bank becomes the owner and offers the property through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually requires 480 to 700 times, based on the Mortgage Bankers Association 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 is often faster and really does not go through the courts unless the home owner sues the lender.
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