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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 mortgage loan payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not comprised the missed payments within a particular grace period, the lender will get started to foreclose. The farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days overdue.

Each state has its 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 foreclosure, and the process for selling the property. In 22 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 late.

If the foreclosure is approved, the local sheriff online auctions the home to the greatest bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and markets the house through the traditional route to recoup its loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days, in accordance with the Mortgage Bankers Association 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 does not go through the courts unless the homeowner sues the lender.

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