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 made up the missed payments in just a specific grace period, the lender will start to foreclose. The farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days past due.
Each state has the own foreclosure laws within 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 method for selling the property. In 22 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 demonstrating the borrower is late.
If the foreclosure is approved, the local sheriff sales the house to the highest 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 its loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually requires 480 to 700 days, based on the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also called the power of sale, which is commonly faster and really does not go through the courts unless the homeowner sues the lender.
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