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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 agreed in the mortgage agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner does not show for a mortgage payment, supposing the mortgage is still delinquent, and the homeowner has not made up the missed payments inside a particular grace period, the lending company will start to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10-15 days late.

Each state has the own foreclosure laws within 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 process for marketing the property. In twenty-two states – including California, Illinois, and Ny ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by showing the borrower is delinquent.

If the foreclosure is approved, the local sheriff online auctions 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 the loss. The entire legislativo foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually takes 480 to 700 days, in line with the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also called 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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