Foreclosures 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 agreed 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 months after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the home owner has not comprised the missed payments inside a specified grace period, the lending company will get started 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 the 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 foreclosures, and the procedure for selling the property. In 22 states – including Fl, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is overdue.
If the foreclosure qualifies, the local sheriff online auctions the home to the highest 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 its loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 days, based on 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 tends to be faster and does not go through the courts unless the homeowner sues the lender.
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