How many missed mortgage payments cause Foreclosure in NJ?

You should consult a qualified New Jersey real estate and/or bankruptcy attorney for a detailed explanation of New Jersey foreclosure law.  However, this is a general description of the standard foreclosure process: first month missed payment – your lender will contact you by letter or phone; second month missed payment – your lender is likely to begin calling you to discuss why you have not made your payments; third month missed payment –  you will receive a letter from you lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a “demand letter” or “notice to accelerate.”  If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings.

It would be to your advantage to consult with a qualified local bankruptcy attorney before your mortgagor files a foreclosure action against you.  An experienced bankruptcy attorney could negotiate a re-payment arrangement with your lender that would alleviate the need for a foreclosure action.  If a foreclosure cannot be avoided, your bankruptcy attorney can advise you on all relevant issues in a foreclosure vs. bankruptcy situation, including the long-term ramifications of having a foreclosure in your credit history, and the critical distinctions between Chapter 7 and Chapter 13 bankruptcy proceedings.