Property foreclosure 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 agreed in the mortgage deal. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not comprised the missed payments in just a specific grace period, the lender will commence to foreclose. The farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days overdue.
Each state has their own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosure, and the method 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 agreement to foreclose by showing the borrower is overdue.
If the foreclosure is approved, the local sheriff auctions the home to the maximum 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 its loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually will take 480 to 700 days and nights, in accordance with the Mortgage Bankers Relationship 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 is often faster and will not go through the courts unless the home owner sues the lender.
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