In the context of a New Jersey foreclosure action, a Final Judgment is the last procedural step that a lender must take before it is able to schedule a sheriff sale. In New Jersey foreclosure cases fourteen (14) days before the lender makes its application for Final Judgment to the Court, the lender must send the borrower a letter providing notice of the same. This letter, also known as a Notice of Motion for Final Judgment, must advise the borrower to respond to the lender with a good faith statement, within ten (10) days of receiving the letter, if there is a reasonable likelihood that the borrower can to cure (pay the past due amount). The borrower will then have forty five (45) days to cure the default. If the borrower is unable to cure, the lender files its motion to enter Final Judgment. The Final Judgment, once granted, enables the lender to foreclose on the property. The Judgment also states the amount the lender is entitled to receive in connection with the proceeds of a sheriff’s sale involving the property. If the Court grants the Final Judgment it will also issue a writ of execution to the Sheriff’s Office ordering the Sheriff to sell the property at a public auction sale.
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