What is a strict foreclosure in NJ?
2d 425 (E. & A. 1938), the Court of Errors and Appeals held that strict foreclosure is available when a foreclosing mortgagee fails to discover an outstanding junior mortgagee. There the first mortgagee purchased the property at the foreclosure sale for a nominal amount and then resold it to an innocent third party.
How do I respond to a foreclosure complaint in NJ?
If you choose to file an answer, you must do so within 35 days from the date that you receive the summons and complaint; and you must include a completed Foreclosure Case Information Statement, a Certification Pursuant to Court Rule 4:5-1 and the $175.00 filing fee ($250 for Answers with Counter-Claim, Cross-Claim and/ …
How long does it take for a house to go into foreclosure in NJ?
In addition, it takes nearly three and a half years, or 1,262 days, to complete the foreclosure process in New Jersey, which is the longest foreclosure timeline in the country.
What is a strict foreclosure process?
A Strict Foreclosure is a process under the UCC whereby a lender receives all or a portion of its collateral in exchange for reducing all or part of the obligations owed by the company to the lender.
What does pre foreclosure mean in NJ?
A pre-foreclosure home is a distressed property that the lender has not yet repossessed and sold at auction. Pre-foreclosure homes are generally still occupied by their owners, who have fallen behind on monthly mortgage payments. That’s a long way of saying that a home can be pre-foreclosure and not for sale.
How can I save my home from foreclosure in NJ?
The automatic stay, triggered by Chapter 13 bankruptcy, is the key protection to stop your home from being foreclosed upon. Therefore, filing for Chapter 13 bankruptcy at any time during your foreclosure action can help stop your foreclosure and buy you time to save your home.
What is a lien redemption?
After a tax lien is purchased at the annual tax sale, it will continue to encumber the property (and the subject the property to a possible foreclosure) until the property is “redeemed.” Redemption is an industry term that refers to the extinguishment of the tax lien encumbering the property.