State Foreclosure Laws

State foreclosure laws govern the process by which lenders can reclaim property when homeowners fail to make mortgage payments. These laws vary by state, but generally, they outline the steps lenders must take, including notifying the homeowner, providing opportunities to catch up on payments, and filing court actions if necessary. There are two main types of foreclosure: judicial, which requires court involvement, and non-judicial, which can proceed without court approval. Homeowners have certain rights during this process, including the possibility of redemption and negotiation before losing their property.