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New Jersey Foreclosure Laws

Judicial Yes
Non-Judicial No
Process Period 270 Days
Sale Publication NA
Redemption Period 10 Days
Sale / NTS Sheriff

Judicial Foreclosure: About 30 days before beginning the foreclosure process the lender mails a notice of default. During this time the borrower can pay off their debt and stop the foreclosure process. The lender begins the process by filing a notice of pending lawsuit with the county clerk. The lender can sue for the default payments or the entire unpaid balance. The borrower is notified of the action, and then has 35 days to respond to the court. If the court rules in favor of the lender a sale date will be set.

Non-Judicial Foreclosure: In the state of New Jersey the out-of-court foreclosure process is not used.

Sale: A notice of sale must be posted on the property and in the county office. The notice should also be published in two local newspapers, one of the publications must be in the largest municipality in the county. Ten days prior to the sale notice should be given to the property owner. The sale is conducted through a public auction, overseen by the sheriff. The highest bidder is awarded the property; the property ownership transfer is done 10 days following the sale. The borrower has this 10-day period to redeem their property.

Additional Information on New Jersey Foreclosure