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Foreclosure Evaluation & Ebook

  • Evaluate Your Situation (Form Below)

    Not many people know how to find the right solutions for their problem. This process will save time and answer many of your questions.

  • Explore All Possible Options

    After the evaluation, you will understand every possible option available for your exact situation. No more searching or worrying about finding a solution.

  • Avoid Further Loss or Judgments

    Regardless of what option you choose, our process takes every possible precaution to help you avoid further losses or deficiency judgments.

  • Recovery From Foreclosure

    Regardless of whether you keep your home, or walk away, we will take steps to help your credit and start the financial recovery.

  • Full Support & Accountability

    We take the problems of our visitors very seriously. We know your financial future is at risk and we pledge our full support to help you through these tough times.

New Jersey Foreclosure Laws

Expected Timeline: Three to ten months
Security Instrument: Mortgage
Type of Process: Judicial
Protections for Servicemembers: N.J. Stat. Ann. § 38:23C-1 to 38:23C-26
Time to Respond: Lender must send notice to homeowners via registered or certified mail with return receipt requested at least thirty days before filing lawsuit. Notice must be posted on property two times in four weeks before suit or published in two newspapers. Notice must also be sent to mortgagor and other parties.
Reinstatement Period: Up to date of final judgment in lawsuit.
Protections for High-Cost Mortgages: Home Ownership Security Act, N.J. Stat. Ann. § 46:10B-22 to 10B-35
Redemption Period: Redemption period is six months from date final judgment is entered in lawsuit.
Eviction Process: Former owners do not have to be served with notice to leave property after sheriff sale.
Deficiency Judgments: Allowed if brought in separate lawsuit within three months after sheriff sale. Amount of judgment is restricted to difference between fair market value and loan.
Limits on Deficiency Judgments: Judgment allowed only on the note after foreclosure, but no personal deficiency judgment allowed. Deficiency is limited by the fair market value of the property, and action must be brought into court within 3 months of sale.
Cash Exempted in Bankruptcy: $11,000 for single person, $22,000 for married couple.
State Statutes: N.J. Stat. Ann. § 2A:50-1 to 2A:50-21, 2A:50-56 to 2A:50-58

New Jersey foreclosure law allows lender to use the Judicial Foreclosure process only. The original loan documents will not contain a power of sale clause that authorizes the lender to sell the home if the borrower defaults on the loan. The lender must file a complaint against the borrower with the superior court in the county in which the property is located. A lis pendens must be recorded.

The lender can only sue for the amount in default; the existing mortgage is left unaffected. If the lender pursues this option, there is no right to sue the borrower for a deficiency judgment.

New Jersey law requires that the borrower be offered a final chance to cure the default. A notice of intent to enter a judgment of foreclosure is filed and sent to the borrower. If the borrower does not respond, a foreclosure judgment is recorded, and a writ of execution is sent to the county sheriff. The sheriff then schedules a sale date for the property. At least ten (10) days before the sale, the borrower must be notified of the sale.

The notice of sale must be published in two newspapers of general circulation. One of them must be in the county seat or largest municipality in the county. The notice also must be posted in offices of the county and on the subject property.

The sheriff or another county officer conducts the sale, and the high bidder must pay all settlement charges to the sheriff within thirty (30) days of the sale. If this does not happen, the sale may be declared null and void.

The borrower has a ten (10) day right of redemption after the sale in which he can redeem the property or object to the sale. If the borrower objects to the sale, the redemption period lasts until the sale is confirmed or until the court rules on the objection.

Within three (3) months of the sale, the lender may sue the borrower for a deficiency judgment. If the lender sues for a deficiency judgment, the borrower is given the right to bring an action to redeem the property within six (6) months of the date that the deficiency judgment is entered.

State Website: www.njleg.state.nj.us