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 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 months after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments in just a specified grace period, the financial institution will commence to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to catch 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 selections for bringing the loan current and avoiding foreclosures, and the method for marketing the property. In 22 states – including Florida, Illinois, and New York ~ 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 auctions the home to the highest bidder to try and recoup what the bank is payable, or the bank becomes the owner and sells the property through the traditional route to recoup the 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 times, in accordance with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also referred to as the power of sale, which is often faster and will not go through the courts unless the homeowner sues the lender.
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