Here is the process of a foreclosure in the state of New Jersey.

Foreclosures in New Jersey take place by filing a lawsuit.  The first step is to fall three months behind after the third month a Notice of Default is than filed along with a Lis Pendes in the applicable county where the property is located.  The second part of the foreclosure happens from 5 to 24 months where the lender will go to court and ask for a judgment to be placed on the borrower for non payment.  Once a judgment has been placed than the property is listed in the local newspaper for 4 consecutive weeks stating that the property will be sold by the Sheriff's department in the county where the property is located.  Once the property is sold at sheriff's sale the borrower has 10 days to pay all the arrears and take the property back, if not they will be locked out of the property including all their belongings.  Now in the state of New Jersey the lender can sue you after the sale of the property at sheriff for what is called a deficiency (which means that if the property was owed $200,000.00 and the property was sold for $150,000.00 you will be responsible for $50,000.00 that the bank, and or mortgage company can place a judgment against you.)  There are tax ramifications so you will need to speak to your accountant or CPA.

Now there are several ways to stop a foreclosure be minded we are not attorneys so you may want to consult an attorney on bankruptcy laws if this is the way you need to go.

For more information on Foreclosures or modifications, pease feel free to contact us at 1-609-685-7474 and we will be glad to review your situation and a field underwriting agent will contact you.