Individuals who are facing foreclosure in the state may be able to use the New Jersey foreclosure right of redemption to take back the home. The state does have this law in place, but it is very limited in terms of when you can file it. Individuals who are unable to avoid foreclosure during the foreclosure process may still find it difficult to reclaim property. Using an attorney to find the best solution for you is critical to keeping your home.
What Is The Right of Redemption Law?
The New Jersey foreclosure right of redemption law provides individuals in the state with a limited amount of time to reclaim his or her property. There are several key aspects to this law that must be understood before the individual can utilize it.
- There is a foreclosure redemption period in place. This timeframe is only a ten day period. All other conditions of the law must be made within this timeframe for the home to be reclaimed.
- The homeowner must make all payments to get the loan current. This includes all back principle and interest payments, late fees and other fees.
- The homeowner must pay for the legal costs the lender had during the foreclosure process as applicable to the individual case.
- The homeowner must show he or she is able to continue payments according to the original terms of the loan.
It is often very difficult for individuals to achieve these benefits when foreclosure is complete in New Jersey. The individual may wish to focus on avoiding foreclosure as much as possible. Individuals may be able to file for bankruptcy, for example, to stop the foreclosure process long enough for a solution to be obtained. The individual may wish to work with the lender to find methods of getting the loan caught up or for a home loan modification to restructure loan terms. The key is to be proactive. The sooner the individual attempts to find a solution with the lender, the better.
Those who do need to use the New Jersey foreclosure right of redemption can do so only if this sum of money can be obtained prior to the expiration of the ten day foreclosure redemption period. Hard money loans or borrowing the funds may be the best options to accomplish this.
Working with an Attorney
In many cases, a New Jersey attorney is the best tool to fight foreclosure. The attorney will offer numerous options available to the property owner, if possible.
