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Foreclosure
Foreclosure Law Summary
courtesy of http://StopForeclosure.com
New Jersey Foreclosure
Process
Quick
Facts
- Judicial Foreclosure Available:
Yes
- Non-Judicial Foreclosure Available:
No
- Primary Security Instrument:
Mortgage
- Timeline: Typically 90
days
- Right of Redemption: Yes
-
Deficiency Judgments Allowed: Yes |
In
New Jersey, lenders may foreclose on a mortgage in default by
using the judicial foreclosure process.
Judicial
Foreclosure
Generally, in
judicial foreclosure, a court decrees the amount of the
borrowers debt and gives him or her a short time to pay. If
the borrower fails to pay within that time, the clerk of the
court then advertises the property for sale.
Once the
process begins, a foreclosure notice must be: 1) posted in the
county office of the county where the property is located; 2)
posted on the property in foreclosure; and 3) published in two
(2) newspapers in the county. The lender must also notify the
borrower at least ten (10) days prior to the foreclosure sale.
It is possible for the lender to obtain a deficiency
judgment and borrowers have a right to redemption and/or
objection within ten (10) days after the
sale. | | | |
