Property 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 agreed in the mortgage agreement. 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, supposing the mortgage is still delinquent, and the home owner has not composed the missed payments within a particular grace period, the financial institution will commence to foreclose. The particular farther behind the customer falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days past due. Each state has its own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosu...