New Jersey Foreclosure Laws

by: Barry Johnson

-  Judicial Foreclosure Available: Yes

-  Non-Judicial Foreclosure Available: No

-  Primary Security Instrument: Mortgage

-  Timeline: Typically 90 days

-  Right of Redemption: Yes

-  Deficiency Judgments Allowed: Yes

In New Jersey, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

Once the process begins, a foreclosure notice must be: 1) posted in the county office of the county where the property is located; 2) posted on the property in foreclosure; and 3) published in two (2) newspapers in the county. The lender must also notify the borrower at least ten (10) days prior to the foreclosure sale.

It is possible for the lender to obtain a deficiency judgment and borrowers have a right to redemption and/or objection within ten (10) days after the sale.

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About Barry Johnson

Barry Johnson is a Co-Editor and writer for iNews. He takes a "no holds barred" writing approach to all of the subjects he covers. Opinionated, and with a well established sense of right and wrong, you can always count on him to tell it like it is. He gets his core values from growing up in the South, where God and Country are the prevailing themes. You may not like what he has to say, but know that he believes in it to his very core. As an editor, he will stand by each writer in their decision to take on controversial subjects and allow them to tell the story in their own unique ways.
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