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New Jersey Foreclosure Law Summary

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New Jersey Foreclosure Laws Subject To Change

The New Jersey foreclosure summary below provides information on your state’s most common foreclosure rules. However, you should also know that your state’s foreclosure laws and procedures are subject to legislative, judicial, and local rule changes.

The information below is intended to provide you with a beginning point for understanding the intricacies and complexity of your state’s foreclosure law.

You will also need to consult with a local foreclosure defense lawyer to obtain a complete and current understanding of your state’s foreclosure laws and how they may apply to your specific legal and financial situation.

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.

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Communicate With A Verified Real Estate And Foreclosure Lawyer.

Reference Source: U. S. Foreclosure

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