of the Awad family Moratorium NOW! Coalition to Stop Foreclosures

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 specified in the mortgage contract. 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 misses a mortgage payment, supposing the mortgage is still delinquent, and the homeowner has not made up the missed payments in just a particular grace period, the financial institution will commence to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 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 selections for bringing the loan current and avoiding foreclosures, and the procedure for selling the property. In twenty-two states – including Fl, Illinois, and Ny ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is overdue.

If the foreclosure qualifies, the local sheriff online auctions the house to the greatest bidder to try to recoup what the bank is due, or the bank becomes the owner and sells the house through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually will take 480 to 700 days and nights, in accordance with the Mortgage Bankers Organization 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 tends to be faster and does not go through the courts unless the homeowner sues the lender.

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of the Awad family Moratorium NOW! Coalition to Stop Foreclosures

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