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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 specified 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 months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not made up the missed payments within a particular grace period, the lending company will commence to foreclose. The farther behind the customer falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days overdue.

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

If the foreclosure is approved, the local sheriff sales the house to the maximum bidder to try to recoup what the bank is due, or the bank becomes the owner and offers the house through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually takes 480 to 700 days and nights, in accordance with 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 tends to be faster and does not go through the courts unless the house owner sues the lender.

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