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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 agreed in the mortgage contract. 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, presuming the mortgage is still delinquent, and the home owner has not comprised the missed payments in just a specified grace period, the lender will commence to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days past due.

Each state has its 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 method 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 permission to foreclose by demonstrating the borrower is late.

If the foreclosure qualifies, the local sheriff auctions the property to the maximum bidder to try to recoup what the bank is due, or the bank becomes the owner and sells the home through the traditional route to recoup its loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually will take 480 to 700 days and nights, in line with the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also called 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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