New Jersey Foreclosure Timeline and Laws

New Jersey Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

New Jersey foreclosures are conducted by judicial foreclosure.

Notice Requirements for Foreclosure in New Jersey

The borrower has 45 days to respond to a foreclosure complaint, and the lender must wait another 45 days before a final judgment and writ of execution can be entered and delivered to the sheriff to start the foreclosure sale process. The borrower must be given at least 10 days notice before the sale can take place.

Notice of the sale must be posted on the property as well as in the county office where the property is located and published in two local newspapers, one located in either the largest municipality in the county or the county seat.

New Jersey Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold for less than the loan amount, but no more than the different between the fair market value under New Jersey’s Fair Market Credit Doctrine and the loan balance.

New Jersey Redemption Rights

New Jersey has a statutory right of redemption allowing the borrower to redeem the property within 10 days after the foreclosure sale.

New Jersey Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• New Jersey Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

New Jersey foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.