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 contract. One month after the homeowner misses a mortgage loan payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, presuming the mortgage is still delinquent, and the home owner has not made up 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 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 options for bringing the loan current and avoiding property foreclosure, and the procedure for selling the property. In twenty-two states – including Fl, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is overdue.
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 home through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually requires 480 to 700 times, in accordance with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also called the power of sale, which is often faster and really does not go through the courts unless the home owner sues the lender.
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