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Property foreclosure is a situation in which a homeowner is unable to make full principal and interest repayments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as specified 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 months after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not comprised the missed payments within a specific grace period, the financial institution will commence 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 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 selections for bringing the loan current and avoiding property foreclosure, and the procedure for marketing 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 authorization to foreclose by proving the borrower is delinquent.

If the foreclosure qualifies, the local sheriff sales the property to the greatest bidder to try and recoup what the bank is owed, or the bank becomes the owner and offers the property 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 will take 480 to 700 days and nights, based on the Mortgage Bankers Relationship 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 commonly faster and really does not go through the courts unless the homeowner sues the lender.

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