Before a Foreclosure Complaint is filed with the Court, a property is in “The Pre-Foreclosure Stage.” Understanding how long the pre-foreclosure process is, along with the NJ foreclosure timeline, is an important part of understanding the options available to homeowners for protecting their homes.
What is Pre-Foreclosure?
Pre-foreclosure is the period between a borrower missing mortgage payments and the lender formally initiating foreclosure proceedings by filing a Foreclosure Complaint with the Court. During this time, the lender notifies the borrower of their default and provides an opportunity to bring the loan current or explore alternatives to foreclosure. Pre-foreclosure serves as a warning phase, allowing homeowners time to address the issue before facing a foreclosure complaint and the risk of losing their property.
The Pre-Foreclosure Process in NJ
The pre-foreclosure process in New Jersey follows a structured timeline:
- Missed Payments: After 90 days of missed mortgage payments, the lender can issue a Notice of Intent to Foreclose. This notice must be sent at least 30 days before the lender files a foreclosure complaint.
- Notice of Intent to Foreclose: The borrower receives a written notice outlining the mortgage default and explaining their right to bring the loan current. This notice serves as a final warning before the foreclosure process begins.
- Foreclosure Complaint: If the borrower does not resolve the default, the lender can file a foreclosure complaint in court. At this point, the borrower has 35 days to respond to the complaint and contest the foreclosure.
How Long is the Pre-Foreclosure Process in NJ?
The duration of pre-foreclosure in New Jersey depends on the lender’s actions and the borrower’s response. The timeline can range from weeks to months. If you are in Pre-Foreclosure, our office can provide assistance and support; call now.
Take Action During Pre-Foreclosure and Save Your Home
If you are in the pre-foreclosure stage, it is essential to explore your options to protect your home. At the Law Office of Ira J. Metrick, Esq., we are experienced with foreclosure defense and loan modifications. Contact us today to discuss your situation and develop a strategy to keep your home.
