Paul Clark
In this Blog we open the conversation with
economic loss caused by the current mortgage
crisis.
New
Jersey Foreclosure Law
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.
