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.
Foreclosure Process
New Jersey Foreclosure
Laws
