New Jersey Foreclosure Law Summary
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.
|
|
