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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 specified in the mortgage deal. 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 does not show for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not composed the missed payments within a particular grace period, the financial institution will start to foreclose. The farther behind the customer falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days past due.

Each state has its 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 foreclosure, and the method for selling 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 permission to foreclose by showing the borrower is delinquent.

If the foreclosure qualifies, the local sheriff online auctions the home to the greatest bidder to try and recoup what the bank is payable, or the bank becomes the owner and markets the house through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days and nights, based on the Mortgage Bankers Association 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 is commonly faster and does not go through the courts unless the house owner sues the lender.

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