Washington D.C. Foreclosure Laws

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 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 house owner has not comprised the missed payments inside a specified grace period, the lender will commence to foreclose. The farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.

Each state has the own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosures, and the process for selling the property. In 22 states – including California, Illinois, and Nyc ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is late.

If the foreclosure is approved, the local sheriff sales the property to the highest bidder to try and recoup what the bank is payable, or the bank becomes the owner and markets the home through the traditional route to recoup their loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 days, in line with the Mortgage Bankers Organization 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 commonly faster and really does not go through the courts unless the house owner sues the lender.

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