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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 contract. 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 misses a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not composed the missed payments within a particular grace period, the lending company will start to foreclose. The particular 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 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 property foreclosure, and the procedure for promoting 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 agreement to foreclose by showing the borrower is delinquent.

If the foreclosure qualifies, the local sheriff online auctions the house 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 transaction through the lender's sale of the home, usually requires 480 to 700 days and nights, in line with the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also known as the power of sale, which tends to be faster and really does not go through the courts unless the house owner sues the lender.

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Each state has a redemption period, or grace period in which the

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Each state has a redemption period, or grace period in which the

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