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New Jersey Foreclosure Laws
- ID: 1032470
- Zipcode: 7080
- State: NJ
- County: Middlesex
- City: South Plainfield
- Bed: 3
- Bath: 1.5
- Price: $367,000.00
- » View Property Details
New Jersey foreclosure laws require that all foreclosure proceedings are conducted through the judicial system. In total, the foreclosure process in New Jersey takes about nine months to complete.
Once a lender decides to respond to a default with a foreclosure, they must issue a notice of their intention to do so for the homeowner at least 30 days before beginning the process. During this time, known as the pre-foreclosure period, the homeowner can avoid a foreclosure by paying off their debt to the lender.
The lender begins the foreclosure process by filing a suit with the county court known as a Lis Pendens. The lender can register the suit for either the amount owed in default or the full amount owed on the loan. The homeowner must be notified either in person or by mail once the Lis Pendens is registered. After that point, they have a period of no less than 35 days in which to respond or pay off the default debt owed. If the homeowner makes no action, the court may rule against them, an issue an order allowing the home to be sold to collect the lender's money.
Once a sale has been scheduled, a Notice of Sale must be posted on the property in question, as well as published in two local newspapers, including the newspaper with the biggest circulation in the county.
The homeowner must be served with notice of the sale at least 10 days prior to when it is scheduled to take place.
The original homeowner then has another 10 days after the sale during which to redeem ownership by paying off the entire loan amount. If the homeowner cannot do so, the court will meet to confirm the sale and award the winning bidder full ownership of the property.