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New Jersey Foreclosure Statute laws

Judicial foreclosure is available in Iowa, but non-judicial foreclosure is not allowed in New Jersey.  Primary service instrument is mortgage. The timeline for foreclosure in New Jersey varies by process, but typically last 90 days. Right of Redemption and deficiency judgments are allowed.

    • 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:
    • posted in the county office of the county where the property is located;
    • posted on the property in foreclosure; and
    • 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.

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