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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 stipulated in the mortgage deal. 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 months after the homeowner yearns for a mortgage payment, supposing the mortgage is still delinquent, and the home owner has not composed the missed payments in just a specified grace period, the lender will start to foreclose. The farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days overdue.

Each state has its own foreclosure laws in 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 process for selling the property. In twenty-two states – including California, Illinois, and Nyc ~ 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 qualifies, the local sheriff sales the property to the highest bidder to try to recoup what the bank is due, or the bank becomes the owner and sells the home through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually takes 480 to 700 times, in line with the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which is commonly faster and really does not go through the courts unless the home owner sues the lender.

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