New Jersey

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.

More information  on New Jersey foreclosure laws.

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