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The Foreclosure Process

A foreclosure is a devastating event for those who experience it. Unfortunately, statistics show that more Americans are facing a foreclosure than ever before. According to the Wall Street Journal, foreclosure filings reached a new high in July 2009 as the number of American homes currently in foreclosure was up 32% compared to July 2008.

What is a Foreclosure?

The Department of Housing and Urban Development (HUD) defines foreclosure as "a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower." In layman's terms, a foreclosure occurs when a borrower defaults on their mortgage by missing payments or not paying what is owed. If it becomes clear to the bank that the borrower will not make good on their loan, they will repossess the house and sell it so they can recoup their investment in the property. 

Three Types of Foreclosure

According to HUD, there are three main types of foreclosure:

• Judicial foreclosure
• Power of sale
• Strict foreclosure 

Judicial Foreclosure

Judicial foreclosure is the most common type of foreclosure that is followed in most states. In a judicial foreclosure the lender files paperwork with the judicial system, giving the borrower 30 days to make their mortgage payment before the house is taken away. If the borrower does not pay, the property is sold at auction by the court or sheriff.

Power of Sale Foreclosure

A power of sale foreclosure is recognized in some states. This type of foreclosure is only applicable if there was a power of sale clause in the mortgage contract. In a power of sale foreclosure, the lender has the right to auction the property without involving the court system.

Strict Foreclosure

A strict foreclosure is when the borrower is hit with a lawsuit from the lender for defaulting on their mortgage. The borrower will have a certain amount of time to pay, and if they don't, the ownership of the property is transferred directly to the lender. The lender can then decide whether to auction the property or sell it normally. This is the least common of foreclosure scenarios.

In all of these foreclosures, the borrower will only have a limited amount of time to make their mortgage payment before they lose their house and are evicted.

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