How long is the New Jersey Foreclosure Process?

A notice of foreclosure from your bank might set you in a panic and that is the last thing you should do.  First you want to find out how long the foreclosure process takes in New Jersey, here is your answer…

Depending on the court schedule, it usually takes approximately 250 days or more to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files forbankruptcy. New Jersey has one of the longest wait times for foreclosures. Adefendant has 35 days in which to file an answer to a foreclosure complaint otherwise default will be entered. Once default is entered the plaintiff must wait another 45 days before entering final judgment and there after a writ of execution is issued and delivered to the Sheriff to effectuate the foreclosure sale process. The defaulting borrower must be given at least 10 days notice before the foreclosure sale can take place.

In New Jersey, the lenders go to court in what is known as ajudicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. The court with jurisdiction over a foreclosure is known as theSuperior Court. A complaint is filed inSuperior Court along with what is known alis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon. Theforeclosure unit of theSuperior Court handles all foreclosures.

To stop foreclosure, you need to talk to your mortgage lender as soon as you find that you cannot keep up with your monthly payments. Contact your lender in the first month after you miss a payment, because the homes foreclosure process may speed up after that. As you fall further behind in your payments, it will become harder for you to avoid foreclosure.

If you feel that you can’t afford the monthly payments due to an event like a medical problem or job loss, you ought to talk to your lender even if you are current with your payments.

Your lender may start the foreclosure process 3 to 6 months after you miss the first payment, though late fees may be applicable after 10 to 15 days.

Read your loan documents to find out about the steps your lender may take if you miss payments. Contact your State Government Housing Office to find out about the relevant foreclosure laws and timeframes in your state.

Don’t avoid payment reminders sent by your lender. You may first receive notices that will give you information about your options for getting through your financial difficulties and avoiding foreclosure. Subsequent notices may inform you about imminent legal action.

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