Foreclosure is a situation in which a homeowner is unable to make full principal and interest obligations 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 mortgage loan payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner misses a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not made up the missed payments inside a particular grace period, the financial institution will commence to foreclose. The farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10-15 days past due. Each state has the own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding property foreclosure, and the process ...