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New Jersey Foreclosure Resources
Foreclosures is a very complicated and difficult matter for someone that has not received proper training and experience. For the greatest possible result, it is strongly recommended that you have a professional assist you regarding your New Jersey Foreclosure situation.
- If you need legal assistance with a Foreclosure, please click here to consult with a New Jersey Foreclosure Lawyer near you to discuss the details of your case. This website is for informational purposes only, and nothing stated here should be taken as legal advice.
New Jeresy Foreclosure Laws
| Judicial | Yes | |
| Non Judicial | No | |
| Primary Security | Mortgage | |
| Timeline | 90-120 Days | |
| Redemption | Yes, 10 Days | |
| Notice | Complaint | |
| Deficiency Judgment | Yes |
New Jersey is a judicial foreclosure state. Lenders may foreclose on mortgages that are in default by judicial foreclosure process only. The entire process takes approximately 90 days or longer to complete. The borrower has a right to cure the default prior to the sale date, and can redeem the property within 10 days after the sale, which is the statutory period the court allows for objections. Deficiency judgments are allowed in New Jersey.
Judicial Foreclosure
The proceeding is initiated by the lender filing a lis pendens (notice of pending litigation) with the court in the county where the property is located. The lender can sue for either the default amount or the entire unpaid loan balance. The borrower must be notified of the foreclosure action in person or by publication if the borrower cannot be located. Once the borrower is served with the documents, the borrower then has 35 days to respond. Otherwise the court will make a default ruling and the sale date will be set by the court.
Notice of Sale
The notice of the sale must be posted at the property and at the county office in the county where the property is located. The notice must be published in two local newspapers, one in the largest municipality of the county. Notice must be given to the borrower and all interested parties 10 days prior to the sale. The notice states the date, time and place of the sale, the contact person and such other terms and information as the court directs.
Foreclosure auctions are generally conducted by the sheriff or another officer of the county at the courthouse. The highest bidder is awarded the property at the end of the auction. The sheriff must transfer ownership to the purchaser within 10 days after the sale. Court approval confirming the sale is also required. The borrower has redemption rights which they must exercise within 10 days after the sale. This is the time allotted by the court for objections. If there are no objections, then the sale to the new buyer is approved by the court.
Read more about State Laws to get a detailed explanation.
- If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in New Jersey to see your best options you have available to avoid Foreclosure.
New Jeresey Foreclosure Attorney Directory
Contact a Foreclosure Attorney or the following New Jersey cities:
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