Property 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 contract. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments inside a specified grace period, the lender will commence to foreclose. The farther behind the borrower 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 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 promoting the property. In twenty-two states – including California, Illinois, and Ny ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is late.
If the foreclosure is approved, the local sheriff auctions the home to the maximum bidder to try to recoup what the bank is due, or the bank becomes the owner and sells the house through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually will take 480 to 700 days, in accordance with the Mortgage Bankers Relationship of America.
The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also known as the power of sale, which is commonly faster and really does not go through the courts unless the home owner sues the lender.
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