Foreclosures 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 stipulated in the mortgage agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner yearns for a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not made up the missed payments inside a specific grace period, the lender will start to foreclose. The particular farther behind the customer 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 covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding property foreclosure, 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 demonstrating the borrower is overdue.
If the foreclosure is approved, the local sheriff auctions the house to the greatest bidder to try and recoup what the bank is owed, or the bank becomes the owner and offers the house through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 times, based on the Mortgage Bankers Organization of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also referred to as 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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