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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 contract. 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, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments inside a particular grace period, the lending company will commence to foreclose. Typically the farther behind the customer 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 within the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosure, and the method for marketing the property. In twenty-two 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 showing the borrower is delinquent.

If the foreclosure qualifies, the local sheriff online auctions the house to the highest bidder to try and recoup what the bank is payable, or the bank becomes the owner and sells the property 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 will take 480 to 700 times, in accordance with the Mortgage Bankers Relationship 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 is often faster and will not go through the courts unless the homeowner sues the lender.

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