New Jersey Foreclosure In Nj

Not necessarily to read the following lines

1. The defendant ( borrower or owner ) misses several mortgage payments - usually 2-4 payments. foreclosures in nj

Two . The plaintiff ( lender , bank or creditor) files a notice of default or lis lis pendens before the Supreme Court in Trenton , New Jersey, and that information is transmitted to the county offices . foreclosures in nj

Three . New Jersey is a judicial foreclosure state which means that the court approves the sale and the applicant must notify the defendant. If the response is insufficient , payment and required loan fees are not paid, the plaintiff goes foreclosures in nj to court for approval of the auction. This is commonly known as the foreclosure sale or auction of the sheriff .

April . Once that is offered for sale must be publicly announced in two newspapers of the county for four consecutive weeks , and should also be posted on the property.

May . The applicant must inform defendants at least 10 days before the sale . In most cases , the defendants are entitled to two breaks to try to foreclosures in nj remedy the pending foreclosure .

June . A judicial sale , the property is sold to the highest bidder to live and 20% of payment is cash , certified check or bank . The balance is due 30 days. foreclosures in nj

July . After the foreclosure sale , the defendant has 10 days to redeem the property. If the property is not redeemed ( right of redemption ) , the contractor owns the property. If the property is vacant , the new owner may have to get a possession order for the occupants evicted. foreclosures in nj

August . If the auction does not pay the loan and fees in full, the applicant may file a deficiency judgment for the balance of the loan.

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