While these discrepancies have minimal impact on Home equity line of

Foreclosure is a situation in which a homeowner is unable to make full principal and interest repayments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as agreed in the mortgage contract. 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 a few 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 specified grace period, the financial institution will start 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 past due.

Each state has its own foreclosure laws covering 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 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 agreement to foreclose by demonstrating the borrower is overdue.

If the foreclosure is approved, the local sheriff sales the home to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and sells the house through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually will take 480 to 700 days and nights, in accordance with the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also referred to as the power of sale, which is often faster and will not go through the courts unless the homeowner sues the lender.

Another Image of Foreclosure Redeemed:

What is the difference between a foreclosure and a short sale? And

Devon McFerrin Hennepin County Sheriff39;s Office

MLS 109776 928 St. Paul Drive, Tuscaloosa, AL 35405 Hamner Real

Foreclosure or Power of Sale Properties in Canada

Related video of Foreclosure Redeemed