Property 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 specified in the mortgage agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments inside a specific grace period, the lender will commence to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days past due.
Each state has the own foreclosure laws covering 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 method for promoting the property. In 22 states – including Fl, 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 overdue.
If the foreclosure is approved, the local sheriff auctions the home to the highest bidder to try and recoup what the bank is due, or the bank becomes the owner and offers the home through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed transaction through the lender's sale of 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 known as the power of sale, which is often faster and does not go through the courts unless the house owner sues the lender.
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