Facing foreclosure is a stressful and daunting experience for homeowners. New Jersey
homeowners have specific rights and timelines to be aware of when trying to halt the
foreclosure process.
Whether it’s exercising the right to cure the default, challenging the foreclosure in court, or even
contesting a Sheriff Sale, understanding the timeline and your rights can make a significant
difference. Always seek local professional guidance to navigate the complexities of New
Jersey’s foreclosure laws.
When Is It Too Late to Stop a Foreclosure in New Jersey?
In New Jersey, the earlier you take action, the better chances you have. Before the Final
Judgment, homeowners have the right to pay the arrears and reinstate the loan. After the
sheriff’s sale, the homeowner has a 10-day period, or until the deed is delivered to the new
owner, to pay the loan in full or file a Motion with the Court to Extend the Period of Redemption
or Vacate/Set Aside the Sheriff Sale.
Understanding the Foreclosure Timeline in New Jersey
The general foreclosure timeline in New Jersey goes like this:
- Missed Payments: Typically, after missing several mortgage payments, the lender
sends a notice indicating the default. - Notice of Intent: If the default continues, the lender will send a Notice of Intent to
Foreclose, usually after 90-120 days of missed payments. - Filing of Complaint: If the homeowner doesn’t cure the default, the lender will file a
foreclosure complaint with the court. Once served, the homeowner has 35 days to
respond. - Judgment and Sale: If there’s no response or the court rules in favor of the lender, a
foreclosure judgment will be entered, and then a sheriff’s sale will be scheduled.
For more information, use our Comprehensive Guide to New Jersey Foreclosure Notices.
Stopping Foreclosure Before the Sale
Up until the Final Judgment is entered, homeowners in New Jersey have the legal right to pay
the past-due amounts in order to halt the foreclosure process. Depending on the loan, the debts
might include missed payments, late fees, and any legal fees incurred by the lender during the
foreclosure process.
Additionally, homeowners can defend the foreclosure in court to make sure the lender has the
necessary documents and follows the correct procedures.
Sheriff’s Sale and the Right of Redemption
The Sheriff’s Sale is the end of the foreclosure process, where the property will be auctioned off
to the highest bidder.
New Jersey law grants homeowners a specific post-sale right called the “right of redemption,”
which is a 10-day period after the sale (or until the new owner receives the deed) that allows
homeowners to reclaim their property if they are able to pay off the mortgage in full, plus
foreclosure costs and Sheriff’s Commissions.
Find an Experienced NJ Foreclosure Lawyer
When facing foreclosure, it is important for homeowners to understand their rights and their
options. An experienced foreclosure defense attorney can offer guidance regarding New
Jersey’s laws and offer defense strategies or representation to apply for a mortgage loan
modification. Contact us today.
