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 specified 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 yearns for a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not composed the missed payments within a specific grace period, the lending company will start 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 10-15 days overdue. Each state has the own foreclosure laws in 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 method for selling th...