Real Estate Foreclosures in Puerto Vallarta, Mexico

Foreclosure 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 specified 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 misses a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not composed the missed payments inside a particular grace period, the lender will start to foreclose. Typically the farther behind the debtor 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 its own foreclosure laws within 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 procedure for promoting the property. In 22 states – including Florida, Illinois, and New York ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is late.

If the foreclosure qualifies, the local sheriff auctions the home to the greatest bidder to try to recoup what the bank is due, or the bank becomes the owner and offers the home through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually takes 480 to 700 days, in accordance with the Mortgage Bankers Association 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 tends to be faster and will not go through the courts unless the homeowner sues the lender.

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Sou Thao Hennepin County Sheriff39;s Office

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