The home in the picture above is in Ringwood, New Jersey. This home is

Property 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 specified in the mortgage deal. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner does not show for a mortgage payment, supposing the mortgage is still delinquent, and the house owner has not comprised the missed payments inside a specific grace period, the lending company will start to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days late.

Each state has their own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosures, and the process for promoting the property. In 22 states – including Florida, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by demonstrating the borrower is delinquent.

If the foreclosure is approved, the local sheriff sales the property to the highest bidder to try and recoup what the bank is owed, or the bank becomes the owner and markets the home through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually will take 480 to 700 times, in line with the Mortgage Bankers Organization of America.

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

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