Stop Foreclosure in New Jersey


How to Stop Foreclosure in New Jersey

For a judicial foreclosure to happen, the lender must sue the homeowner and must get permission from a court to sell the property for foreclosure. In the state of New Jersey, this is the only possible means of getting your house foreclosed. They also have the right to sue the homeowner for the remaining balance that still remains even after the foreclosure. Stop this problem from advancing and stop the judicial process before the court orders a sale of the property—which is your home.

  • Step 1
    Call a foreclosure mediation hotline. There are service in new Jersey available to its residents. The counselors from this service can help you in working out a general compromise between you and your lender so as to avoid getting your house foreclosed.
  • Step 2
    Contact a bank in New Jersey and apply for a short refinance so that they can pay off your existing mortgage and start over with a new loan with reduced balance. However, to qualify for a refinancing, you must have a good credit rating as well as a stable source of income. You must present evidence that you can pay off this new loan. If you can qualify for the loan in time, you will be able to stop your house from getting foreclosed.
  • Step 3
    Look for a bankruptcy attorney in New Jersey. Filing for one can help you maintain possession of the house, lower the over all monthly payments as well as stop the foreclosure process entirely. However, be wary that this will negatively affect your credit rating and will stay in your record for 10 years.

Synopsis of New Jersey Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 90 days

Right of Redemption: Yes

Deficiency Judgments Allowed: Yes

In New Jersey, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

Once the process begins, a foreclosure notice must be: 1) posted in the county office of the county where the property is located; 2) posted on the property in foreclosure; and 3) published in two (2) newspapers in the county. The lender must also notify the borrower at least ten (10) days prior to the foreclosure sale.

It is possible for the lender to obtain a deficiency judgment and borrowers have a right to redemption and/or objection within ten (10) days after the sale.

Where to go to for Foreclosure Help

Newark Field Office

One Newark Center
1085 Raymond Boulevard
13th Floor
Newark, NJ 07102-5260

Phone: (973) 622-7900
Fax: (973) 645-2323
TTY: (973) 645-3298

Diane J. Johnson
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Camden Field Office

800-840 Cooper Street, 2nd Floor
Camden, NJ 08102-1156

Phone: (856) 757-5081
Fax: (856) 757-5373

Michael J. Worth
Field Office Director

Office Hours: 8:00 AM to 4:30 PM
Monday through Friday

Stop Foreclosure Early

PHH Mortgage
603 997-6982
1 Mortgage Way
Mount Laurel, NJ

AMS Mortgage Services Inc.
333 Rt 46 West
Fairfield, NJ

Specializing in Service
49 Delaware Street
Woodbury, NJ

Advisors Mortgage Group
5114 Route 33
Wall, NJ

917 8868832

The Kauderer Group
(866) 807-5111
15 S. Main Street
Marlboro, NJ

Excelsior Mortgage LLC
432 Ganttown Road, Suite 104
Sewell, NJ

Heritage Mortgage Bank Corp. 1
(732) 485-7105
333 River Street
Hoboken, NJ

77 Main Street
Freehold, NJ

Heritage Mortgage Bank Corp. 2
(973) 539-9878
25 Lindsley Drive
Morristown, NJ