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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 agreed in the mortgage agreement. One month after the homeowner misses a home 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 home owner has not composed the missed payments inside a particular grace period, the lender will get started to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days overdue.

Each state has their own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding property foreclosure, and the process for selling the property. In twenty two states – including California, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission 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 due, or the bank becomes the owner and offers the property through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually will take 480 to 700 times, based on the Mortgage Bankers Association 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 house owner sues the lender.

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