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 specified in the mortgage deal. One month after the homeowner misses a mortgage loan payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner yearns for a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not comprised the missed payments within a specific grace period, the lender will commence to foreclose. Typically the 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 their own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding property foreclosure, and the method for promoting the property. In 22 states – including California, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is overdue.
If the foreclosure qualifies, the local sheriff auctions the house to the greatest bidder to try to recoup what the bank is due, or the bank becomes the owner and markets the home through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually takes 480 to 700 times, in line with the Mortgage Bankers Organization 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 does not go through the courts unless the homeowner sues the lender.
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