Your Home After Foreclosure Bankruptcy, Debt amp; Foreclosure Blog

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 deal. 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 weeks after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments within a specified grace period, the financial institution will commence to foreclose. Typically the 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 covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding property foreclosure, and the process for selling the property. In twenty-two states – including Florida, Illinois, and Nyc ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is delinquent.

If the foreclosure qualifies, the local sheriff online auctions the house to the highest bidder to try to recoup what the bank is due, or the bank becomes the owner and offers the house through the traditional route to recoup its loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually requires 480 to 700 days and nights, in accordance with the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly 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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