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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 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 made up the missed payments in just a specified grace period, the financial institution will start to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days overdue.

Each state has their 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 method for selling the property. In 22 states – including California, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by showing the borrower is late.

If the foreclosure is approved, the local sheriff online auctions the property to the highest bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and markets the property through the traditional route to recoup its loss. The entire judicial 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 Association 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 does not go through the courts unless the house owner sues the lender.

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