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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 stipulated in the mortgage agreement. 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 weeks after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not composed the missed payments within a specified grace period, the financial institution will start to foreclose. The farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.

Each state has the 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 foreclosures, and the process for marketing the property. In 22 states – including California, Illinois, and Ny – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is late.

If the foreclosure is approved, the local sheriff auctions the house to the maximum bidder to attempt to recoup what the bank is owed, or the bank becomes the owner and sells the property through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually requires 480 to 700 days and nights, based on the Mortgage Bankers Association 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 commonly faster and does not go through the courts unless the home owner sues the lender.

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Washington D.C. Foreclosure Laws

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