Foreclosure Survival Guide: Keep Your House or Walk Away With Money In Your Pocket

Resources on Foreclosure, Credit & Debt, and Bankruptcy

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New Jersey
Topic	State Rule
Common type of foreclosure process	Judicial
Time to respond	Foreclosing party must send notice, by registered or certified mail, return receipt requested, to homeowner 30 days before filing a foreclosure lawsuit. For residential mortgages only, foreclosing party must also post notice on the property four times in four weeks before filing suit or publish notice in two newspapers and mail to the mortgagor and other parties.
Reinstatement of loan before sale	Up to date of final judgment of foreclosure. Judgment may be delayed if homeowner needs extra time to reinstate.
Redemption after sale	Available for six months after entry of foreclosure judgment
Special protections for foreclosures involving high-cost mortgages	Foreclosure must be filed in court. Home Ownership Security Act, N.J. Stat. Ann. §§ 46:10B-22 to 10B-35
Special state protections for service members	N.J. Stat. Ann. §§ 38:23C-1 to 38:23C-26
Deficiency judgments	May be obtained by filing a separate lawsuit within three months of sale; amount limited to difference between loan and fair market value.
Cash exempted in bankruptcy	About $11,000 for one person, $22,000 for a married couple under federal bankruptcy exemptions
Notice to leave after house is sold	Former owner is not entitled to notice to leave.
Foreclosure statutes	N.J. Stat. Ann. §§ 2A:50-1 to 2A:50-21, 2A:50-56 to 2A:50-58

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