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 th...