Foreclosures 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 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 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 within a particular grace period, the lending company will commence to foreclose. Typically the farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days overdue. Each state has their 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 foreclosures, and the process for selling...