Nonprofit founder faces foreclosure on mansion Extreme Makeover built

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 contract. 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 does not show for a mortgage payment, supposing the mortgage is still delinquent, and the home owner has not made up the missed payments within a specific grace period, the lending company will start to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.

Each state has the own foreclosure laws in 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 procedure for selling the property. In 22 states – including Fl, Illinois, and Ny – 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 is approved, the local sheriff online auctions the property to the greatest bidder to try and recoup what the bank is owed, or the bank becomes the owner and sells the home through the traditional route to recoup its loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually takes 480 to 700 days, based on the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also referred to as the power of sale, which tends to be faster and really does not go through the courts unless the homeowner sues the lender.

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