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 home 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 homeowner has not comprised the missed payments within a specified grace period, the financial institution will start to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days past due.
Each state has the own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosure, and the procedure for selling the property. In 22 states – including Fl, Illinois, and New York ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by demonstrating the borrower is late.
If the foreclosure is approved, the local sheriff sales the house to the greatest bidder to try to recoup what the bank is due, 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 for the home, usually requires 480 to 700 days, in accordance with the Mortgage Bankers Association of America.
The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also called the power of sale, which tends to be faster and will not go through the courts unless the homeowner sues the lender.
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