Foreclosures 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 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 months after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not composed the missed payments inside a particular grace period, the lender will start to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 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 options for bringing the loan current and avoiding foreclosures, and the procedure for selling the property. In 22 states – including California, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by proving the borrower is overdue.
If the foreclosure qualifies, the local sheriff online auctions the property to the highest bidder to try and recoup what the bank is payable, 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 of the home, usually takes 480 to 700 days, in line with the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also known as the power of sale, which tends to be faster and does not go through the courts unless the homeowner sues the lender.
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