Foreclosures 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 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 yearns for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments within a specific grace period, the financial institution will commence to foreclose. The farther behind the customer falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days past due. Each state has their own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the method for promot...