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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 misses a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments in just a specified grace period, the lending company will start to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days past due.

Each state has their own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosures, and the method for promoting 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 authorization to foreclose by demonstrating the borrower is overdue.

If the foreclosure is approved, the local sheriff online auctions the home to the greatest bidder to attempt to recoup what the bank is due, or the bank becomes the owner and sells the home through the traditional route to recoup the loss. The entire legislativo foreclosure process, from the borrower's first, missed payment 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 referred to as the power of sale, which tends to be faster and does not go through the courts unless the homeowner sues the lender.

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