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Property 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 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, presuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments in just a specified grace period, the lender will start to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days overdue.

Each state has the own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosure, and the procedure 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 agreement to foreclose by proving the borrower is delinquent.

If the foreclosure is approved, the local sheriff online auctions the house to the greatest bidder to try to recoup what the bank is owed, or the bank becomes the owner and offers the house through the traditional route to recoup the loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually will take 480 to 700 days and nights, in line with the Mortgage Bankers Organization 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 is commonly faster and does not go through the courts unless the homeowner sues the lender.

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