Property foreclosure is a situation in which a homeowner is unable to make full principal and interest obligations 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 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, presuming the mortgage is still delinquent, and the home owner has not comprised the missed payments within a specified grace period, the lender will commence to foreclose. Typically the farther behind the customer 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 their own foreclosure laws within 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 marketing the property. In twenty-two 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 showing the borrower is late.
If the foreclosure is approved, the local sheriff sales the property to the highest bidder to try to recoup what the bank is payable, 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 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 referred to as the power of sale, which is commonly faster and will not go through the courts unless the home owner sues the lender.
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