New Jersey Mortgage Foreclosure Law
Failure to make timely mortgage payments can result in the loss of your home. Under New Jersey state law, a mortgage lender has the right to begin the mortgage foreclosure process as soon as you enter into default.
New Jersey Foreclosure Attorney Explains The Foreclosure Process
Before you panic, contact an experienced foreclosure attorney at Garces, Grabler & LeBrocq. A lawyer for foreclosure will review your case, walk you through the process, and explain your foreclosure options. As a judicial foreclosure state, New Jersey gives lenders the right to foreclose on your property after a single missed payment — so long as they adhere to the process outlined in the New Jersey Fair Foreclosure Act. Read on for a brief overview of the mortgage foreclosure process.
State law requires lenders to complete the following acts before the foreclosure process:
- Send a Notice of Intent To Foreclose.
- File a Foreclosure Complaint with the Office of Foreclosure. The foreclosure will be handled through the Office of Foreclosure unless you speak with a lawyer for foreclosure and file an answer to the complaint.
- Serve a Complaint
- Send Entry of Default and Entry of Final Notice if no answer is filed. If you receive either notice and are unable to pay the defaulted amount, an experienced lawyer for foreclosure will explain your foreclosure options, based on your circumstances.
Sheriff’s Sale and Your Right to Redeem Your Property
If no response to a complaint is filed, a sale date will be announced. Defaulted homeowners are permitted to delay the sale for up to two weeks. For delays longer than 14 days, a foreclosure attorney must file a request with the court. If your home is sold, you have 10 days to legally redeem your property by curing the defaulted balance on your mortgage. If you take no action, your home will be sold, and the title will be transferred.
Trusted New Jersey Mortgage Foreclosure Attorneys Help You Exercise Your Rights To Foreclosure Options
If your home has been foreclosed on, and you are in danger of losing everything you’ve worked for, contact the experienced Foreclosure Attorneys at Garces, Grabler & LeBrocq at 1-800-923-3456 to learn your rights. Our team will work tirelessly to ensure that your family’s home remains in your possession.