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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 agreed in the mortgage agreement. 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 composed the missed payments within a specified grace period, the lender will start to foreclose. The farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days overdue.

Each state has the own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosure, and the process for promoting 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 agreement to foreclose by demonstrating the borrower is delinquent.

If the foreclosure qualifies, the local sheriff auctions the property to the maximum bidder to try to recoup what the bank is owed, or the bank becomes the owner and markets the house through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually will take 480 to 700 times, based on the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also known as the power of sale, which is often faster and will not go through the courts unless the homeowner sues the lender.

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