The Foreclosure Procedures In New Jersey And How To Avoid Them

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 borrower's debt and gives him or her 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

3) Published in two newspapers in the county. The lender must also notify the borrower at least ten 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 days after the sale.

How can this process be stopped?

There is an alternative to foreclosure that will allow you to save your home. This is through successful negotiation of a home loan modification. A loan modification can in many cases be the answer to the problem. Like anything else there are benefits and disadvantages to a mortgage modification. We have compiled a list of the advantages and disadvantages for you to consider.