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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 stipulated 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 misses a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not made up the missed payments in just a specified grace period, the lending company will commence to foreclose. The farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days past due.

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 property foreclosure, and the method for marketing the property. In twenty two 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 demonstrating the borrower is delinquent.

If the foreclosure qualifies, the local sheriff auctions the property to the highest bidder to try to recoup what the bank is payable, or the bank becomes the owner and markets the home through the traditional route to recoup the loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually requires 480 to 700 days and nights, based on the Mortgage Bankers Organization of America.

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

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