New Jersey Foreclosure Law Summary 
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: 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.
More information on New Jersey foreclosure laws.
