One of the foreclosed properties up for auction on Saturday: 3012 Cox

Foreclosure is a situation in which a homeowner is unable to make full principal and interest repayments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated 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 weeks after the homeowner yearns for a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not comprised the missed payments in just a particular grace period, the lending company will commence to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days late.

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 promoting 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 agreement to foreclose by proving the borrower is overdue.

If the foreclosure is approved, the local sheriff sales the home to the highest bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and sells the home through the traditional route to recoup their 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 and nights, in line with the Mortgage Bankers Relationship 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 does not go through the courts unless the home owner sues the lender.

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