Property 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 mortgage payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner does not show for a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not composed the missed payments inside a specified grace period, the lender will commence to foreclose. The 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 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 foreclosure, and the procedure for promoting th...