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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 yearns for a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not made up the missed payments inside a specified grace period, the lender will commence to foreclose. The farther behind the debtor 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 their 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 foreclosures, and the method for selling the property. In 22 states – including Florida, 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 overdue.

If the foreclosure is approved, the local sheriff online auctions the property to the maximum bidder to try to recoup what the bank is payable, or the bank becomes the owner and offers the home through the traditional route to recoup the loss. The entire judicial foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually takes 480 to 700 days, in accordance with the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also called the power of sale, which is often faster and really does not go through the courts unless the homeowner sues the lender.

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Liens on the foreclosed property are another risk. You need to

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