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 a judicial foreclosure, a court decrees the amount of the borrower’s debt and gives them a short time to pay. If the borrower fails to pay within that time, the court clerk then advertises the property for sale.
Posting Requirements
Posted in the county office of the county where the property is located
Posting Must Be On Subject Property
Published In Two Newspapers
The lender must also notify the borrower at least ten (10) days before the foreclosure sale.
Deficiency Judgment Allowed
The lender can obtain a deficiency judgment, and borrowers have a right to redemption or objection within ten (10) days after the sale.
