, schools and shopping. Subject to AL right of redemption laws

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 a few months 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 in just a specific grace period, the lender will commence to foreclose. The 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 late.

Each state has its own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding property foreclosure, and the procedure for promoting 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 permission to foreclose by demonstrating the borrower is overdue.

If the foreclosure is approved, the local sheriff sales the house to the highest bidder to try and recoup what the bank is owed, or the bank becomes the owner and sells the house through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 days and nights, in accordance with the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also referred to as the power of sale, which tends to be faster and really does not go through the courts unless the home owner sues the lender.

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