New Jersey Foreclosure Law
Facts:
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Timeline: Approximately 90 - 120 days
Right of Redemption: Yes, limited
Deficiency Judgments Allowed: Yes, restricted
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Quick Summary:
In New Jersey, lenders may foreclose on mortgages in default using only the judicial foreclosure process.
The foreclosure timeline in New Jersey is typically 90 - 120 days (unless contested) from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.
New Jersey borrowers have the right of redemption but it is limited to objections within 10 days after a sale. Deficiency judgments are allowed but are restricted to six months.
New Information on New Jersey Foreclosure Laws and regulations:
An act establishes several programs to encourage modification of high-risk mortgages; and establishing a 6-month forbearance period for high risk mortgage actions and mandatory mediation. To view NJ SB 1599 click here
Modifies the New Jersey Mortgage Stabilization and Relief Act so that the forbearance period must be requested by the borrower, rather than taking place automatically. For all foreclosure actions begun January 9, 2009 or later, the creditor must notify the borrower of borrower's right to a 6-month forbearance period. To view NJ AB3821 / SB2720 click here
For more information on New Jersey Foreclosure laws and regulations visit http://www.ncsl.org/public/leglinks.cfm and click on your state.
Or Contact:
New Jersey's Attorney General's Office
Justice Complex
CN 080
Trenton, NJ 08625
Ph: (609) 984-9574
Fax: (609) 292-8268
