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New Jersey Foreclosure Laws
Before you act, please consult with one of our Loan Modification specialists. Complete the Loan Modification form and we will provide you with a free Loan Modification Evaluation. We may be able to help you stop foreclosure.
| Judicial Foreclosure Available: |
Yes |
| Non-Judicial Foreclosure Available: |
No |
| Primary Security Instruments: |
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.
United States Foreclosure Law
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It is a remarkable situation that we as a country find ourselves in today when family homes are being foreclosed on with a scope and scale never before seen. Clearly the current U.S. recession and worldwide economic crisis is much to blame for this scenario. One might think that there might be no glimmer of hope in sight, and that banks might act too quickly nowadays to foreclose on homes if the borrower begins to fall behind on their monthly mortgage payments. But such is not the case.
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