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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 stipulated 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 does not show for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not composed the missed payments within a particular grace period, the financial institution will commence to foreclose. The farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days past due.

Each state has their 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 foreclosures, and the method for promoting the property. In 22 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 demonstrating the borrower is overdue.

If the foreclosure qualifies, the local sheriff online auctions the house to the highest bidder to try and recoup what the bank is due, or the bank becomes the owner and markets the house through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually requires 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 – 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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