Much of foreclosure is governed by state law. Here you can find the key features of New Jersey foreclosure procedures, along with articles on New Jersey mediation programs and state efforts to protect homeowners from foreclosure scammers.
Some states, including New Jersey, give homeowners the ability to prevent a foreclosure from going forward by getting current on the mortgage in one large payment. This is called reinstating the mortgage. In a New Jersey residential foreclosure, homeowners get the legal right to reinstate at any time
In 2011, the United States Bankruptcy Court for the District of New Jersey unveiled a program to oversee and facilitate mortgage loan modifications and other loss mitigation options in foreclosure while a homeowner is in bankruptcy. This program is called the bankruptcy court loss mitigation program.
In the State of New Jersey, if you fail to make your mortgage payments, the mortgage lender can foreclose on your property, but not without following certain specified procedures. New Jersey is a judicial foreclosure state which means that if you default on your mortgage, the lender must go to court
In certain states, a foreclosure can take a very long time to be completed -- the timeline in New Jersey is well over two years on average, the second-longest timeline in the country. However, New Jersey has streamlined the process for abandoned properties, making the foreclosure completion time much
If you live in a condominium, single-family house, or townhome that is part of a common interest development in New Jersey, you are most likely responsible for paying dues and assessments to a condominium association (COA) or homeowners’ association (HOA). If you fall behind in payments, in most cases
New Jersey timeshare law provides timeshare purchasers with a number of protections, such as the right to cancel the contract if you make a purchase and subsequently get cold feet. Also, the timeshare developer must provide several disclosures to you, including a public offering statement. However, while