Newark New Jersey Foreclosure Help, Defense, Laws and Process

 


Avoidance of foreclosure on your property is possible if one files for bankruptcy. However, this depends on the law of the land because foreclosure laws vary from state to state. If you’re in the risk of facing foreclosure, you could consider talking to your banker for a loan modification to assist you in purchasing your property. However, applying for mortgage help could also be of assistance in the purchase of property.

Stop Foreclosure in Newark, New Jersey

Government assistance is available to those facing foreclosure. In New Jersey, foreclosure is mainly administered through the court system. The process takes a total of 9 months. 30 days before the foreclosure process, the lender posts a letter to the debtor forewarning him of the looming foreclosure. Prior to the foreclosure, the debtor can stop foreclosure by settling the debt. A title search is ordered before filing a complaint. The title search should be received 10-20 days after the receipt of the file.

The lender files a pending lawsuit with the county clerk. He is allowed to sue for the amount defaulted or the unpaid main balance on the loan. The debtor is alerted of the foreclosure action in person or by publication. After notification, the borrower has approximately 35 days to answer to the charges or the court will make a ruling. If the decision of the court is against the borrower, the sale date is scheduled.

The borrower may seek government help or an attorney for legal advice. However, notice of sale must be posted on the property and in the county office within the location of the property. A publication in the local newspaper must be done. The property owner must be notified 10 days before the actual sale date.

Foreclosure sales are done as public sales or auctions. The sheriff or an alternative officer of the county is in charge of the sale. In this case, the property is awarded to the highest bidder and the sheriff must change the ownership from the borrower to the purchaser within 10 days after the sale.

Newark, New Jersey Foreclosure Process

Judicial foreclosure in New Jersey is more common. The lender is required to file a complaint against the debtor at the superior court of the county where the property is located. The lender can sue for the full amount borrowed or just the defaulted amount. Nevertheless, the lender does not have the right to a deficiency judgment in a judicial foreclosure. Advice agencies can offer legal redress when it comes to solving foreclosure issues.

A notice of intent is sent to the defendant. This is looked at as a second chance to the borrower to settle the debt. If the defendant does not respond, a foreclosure judgment is entered into the record and a court order is sent to the sheriff instructing him to schedule for a sale. The borrower must be alerted at least 10 days before the sale date.

The notice of sale must be posted on the county offices, on the property as well as printing it in the local daily that is of general distribution. The auction is conducted by the sheriff or any other county officer. All settlements by the successful bidder must be paid within 30 days of the sale date, otherwise the sale will be considered null and void. It is advisable to consult your banker to repair credit.

The lender may sue for deficiency judgment within three months of the auction date or even the date of the court’s confirmation. The defaulter has the right to redeem his property as well as object to the sale for 10 days after the sale date.