Foreclosures 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 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, assuming the mortgage is still delinquent, and the house owner has not comprised the missed payments inside a specific grace period, the lending company will start 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 past due.
Each state has its own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding property foreclosure, and the method for marketing 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 authorization to foreclose by proving the borrower is late.
If the foreclosure qualifies, the local sheriff auctions the house to the highest bidder to try and recoup what the bank is owed, or the bank becomes the owner and sells the property 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 of the home, usually requires 480 to 700 days, in accordance with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also known as the power of sale, which is commonly faster and really does not go through the courts unless the homeowner sues the lender.
Another Image of Foreclosure Redeemed:
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