is different, below is a general timeline of foreclosure in New Jersey

Foreclosure is a situation in which a homeowner is unable to make full principal and interest payments 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 mortgage 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, supposing the mortgage is still delinquent, and the home owner has not made up the missed payments in just a specified grace period, the lender will commence to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.

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 foreclosures, and the method for marketing the property. In 22 states – including Fl, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by proving the borrower is overdue.

If the foreclosure qualifies, the local sheriff auctions the house to the greatest bidder to try to recoup what the bank is owed, or the bank becomes the owner and offers the home through the traditional route to recoup its loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually requires 480 to 700 times, based on the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also called the power of sale, which tends to be faster and does not go through the courts unless the house owner sues the lender.

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