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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 agreed 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 weeks after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not composed the missed payments in just a particular grace period, the lending company will get started to foreclose. Typically the 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 overdue.

Each state has their own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the process for marketing the property. In twenty two states – including Florida, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is delinquent.

If the foreclosure qualifies, the local sheriff auctions the property to the maximum bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and markets the home through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually will take 480 to 700 days, in accordance with the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which is often faster and does not go through the courts unless the homeowner sues the lender.

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