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 stipulated in the mortgage contract. 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 misses a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not composed the missed payments in just a specified grace period, the lending company will start to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days late. Each state has its 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 marketin...