Quali sono le fasi conclusive del Foreclosure? Versione semplificata

Foreclosures 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 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 misses a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not composed the missed payments within a specific grace period, the lender will commence to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to get 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 choices for bringing the loan current and avoiding property foreclosure, and the method for marketing the property. In twenty two states – including Florida, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is late.

If the foreclosure is approved, the local sheriff online auctions the property to the maximum bidder to attempt to recoup what the bank is payable, or the bank becomes the owner and sells the home through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed payment through the lender's sale for the home, usually takes 480 to 700 times, in accordance with the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also called the power of sale, which is commonly faster and will not go through the courts unless the house owner sues the lender.

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