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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 deal. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner does not show for a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not made up the missed payments within a specific grace period, the lending company will get started to foreclose. Typically 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 late.

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

If the foreclosure qualifies, the local sheriff auctions the property to the highest 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 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 times, in accordance with the Mortgage Bankers Organization 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 is often faster and really does not go through the courts unless the house owner sues the lender.

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