Legal Rights and Protections for Homeowners Facing Foreclosure in New Jersey

In New Jersey, homeowners facing foreclosure have several legal rights and protections:

• Notice Requirements: Lenders must provide a Notice of Intention to Foreclose at least 30 days before filing a foreclosure complaint, detailing the amount due and loss mitigation options.
• Right to Contest the Foreclosure: You have the right to contest the foreclosure by filing an answer to the complaint within 35 days, raising any defenses you may have.
• Mediation Program: New Jersey’s Foreclosure Mediation Program allows homeowners to negotiate with lenders under the guidance of a neutral mediator, aiming to find mutually agreeable solutions.
• Redemption Right: Homeowners have the right to redeem the property by paying off the full amount of the defaulted mortgage plus costs, typically up to the date of the sheriff’s sale.
• Protection Against Deficiency Judgments: There are specific protections and limitations for homeowners under New Jersey law against deficiency judgments if the sale price at the sheriff’s sale is less than the amount owed.
• Bankruptcy as an Option: Filing for bankruptcy can temporarily halt the foreclosure process and may provide options to reorganize debt.

It’s important to understand that these rights are subject to specific conditions and timelines. Consulting with a foreclosure defense attorney can provide you with personalized guidance based on your unique situation.

Get Expert Legal Advice on Foreclosure in New Jersey

Unsure about your rights in a foreclosure situation? Reach out to Friscia & Associates for legal advice tailored to your circumstances in New Jersey. Call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information online for direct assistance.