Foreclosures 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 deal. 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 a few months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not made up the missed payments within a particular grace period, the lending company will commence to foreclose. The particular 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 its own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding property foreclosure, and the method for se...