Understanding the Foreclosure Timeline in New Jersey
The foreclosure timeline in New Jersey varies based on individual circumstances, but generally follows these stages:
- Missed Payments: Foreclosure can begin after a series of missed mortgage payments, typically after 90-120 days of delinquency.
- Notice of Intention to Foreclose: At least 30 days before filing a foreclosure complaint, the lender must send a notice to the borrower.
- Filing of Foreclosure Complaint: After the notice period, the lender files a foreclosure complaint with the court.
- Borrower’s Response Time: Homeowners have 35 days from receiving the complaint to file an answer, challenging the foreclosure or raising defenses.
- Entry of Default: If no answer is filed, the lender can request the court to enter a default, moving the process forward.
- Final Judgment: If foreclosure is uncontested, or after a trial, the court may enter a final judgment in favor of the lender.
- Sheriff’s Sale: After judgment, the property is scheduled for a sheriff’s sale, usually within a few months.
- Redemption Period: Homeowners have up to ten days before the sheriff’s sale to redeem the property by paying the full amount owed.
- Eviction: Following the sheriff’s sale, if the property is not redeemed, the new owner may seek to evict the occupants.
Understanding this timeline is critical for homeowners to ensure they take timely action at each stage.
Need Help Navigating Foreclosure?
Navigating the foreclosure timeline in New Jersey can be complex. For professional guidance to protect your home and rights at every step, contact Friscia & Associates. Call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information online for direct assistance.
