Notice Of Intention to Foreclose Letter

New Jersey law requires that a servicer send a borrower a Notice of Intention to Foreclose letter at least thirty days before filing a complaint against a borrower in connection with a foreclosure lawsuit involving a primary residence. Although a Notice of Intention to Foreclose correspondence might look like an unimportant and routine letter from your servicer, take this correspondence seriously and don’t be deceived. A Notice of Intention to Foreclose is an important document of legal significance that essentially provides you with notice that the foreclosure process has begun or is about to begin.

Requirements Of The New Jersey Fair Foreclosure Act

As required by the New Jersey Fair Foreclosure Act, N.J.S.A. 2A:50-56, your servicer (the mortgage) or your servicer’s attorney is required to send a Notice of Intent or Notice of Intention to Foreclose via registered or certified mail, return receipt requested. The notice must give the borrower at least thirty (30) days to cure the default with the lender. Whether you get a Notice of Intention to Foreclose from an attorney or directly from your servicer, it should be treated as the serious legal document that it is. A foreclosure defense attorney can help defend against the foreclosure action that your servicer intends to initiate against you or has already commenced.

It is critical to note that receiving a Notice of Intention to Foreclose does not mean that the foreclosure process is final, and the borrower still has options to avoid foreclosure. The borrower can contact the lender to discuss a loan modification, explore other options such as a short sale, or even file for bankruptcy.

Borrowers are advised  to take immediate action when they receive the Notice of Intention to Foreclose and seek the advice of an attorney as soon as possible, to understand their rights and options, and to work towards a solution that is in their best interest.

If you have received a Notice of Intention or if you have any related questions, call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information online and we can contact you directly.