How Does The Foreclosure Process Work?

Foreclosure is a process that is initiated by the mortgage lender to recover their money when a borrower defaults in the repayment of their mortgages. In New Jersey, there are a number of procedures that have to be followed by the mortgage lender before they can foreclose on your property. This process, also known as the judicial foreclosure in this State means that the mortgage lender must go to court for the process to begin. This process is, therefore, applicable in Bayonne and other municipalities of Hudson County.

When one does not make mortgage payments, they will be considered in default and this means that the lender can initiate the foreclosure process. Normally, the lender will start this process if you haven’t paid your mortgage for three months or more. Here are the procedures that a mortgage lender must follow before they can file for foreclosure:

Notice of foreclosure intention

The mortgage lender is by law required to notify the homeowner of their intention to file for the foreclosure proceedings. They will send the defaulting borrower a Notice of Intention to foreclose their property. This is done 30 days before the complaint is filed. The purpose of this notice is to give you some more 30 days for you to resume the repayment process.

The Foreclosure Complaint is filed by the Lender

You are supposed to have cured the default on your mortgage within the 30 days of the Notice of Intent. If you are unable to come into any kind of agreement with your mortgage lender, the mortgage lender will file a complaint of foreclosure. This will be done at the Office of Foreclosure in New Jersey. If you happen to file a complaint, the foreclosure will be heard by a judge in a residential county such as Bergen, Hudson, and the others.

Foreclosure Complaint served to you by the lenderforeclosure2

The lender is required to personally serve you with the summons once they have filed the complaint. You will henceforth be the defendant in the ensuing complaint. The lender may also serve you the summons through registered mail or by permission of the court, through publication.

Filing an answer to the complaint of foreclosure

After you receive the complaint from the lender, you are given 35 days within which you can file an answer. This is simply a document that you will legally prepare as a response to the foreclosure complaint. This is also done in the Office of Foreclosure in New Jersey.

The other procedures that follow are that the notice of entry of default as well as final judgment entry is made. The sheriff’s sale will be the next step. After the property is sold, you have 10 days to redeem it. If you don’t, the proceeds of the sale together with the deed are transferred to the mortgage lender.

Download our
FREE Market Guide

  • This field is for validation purposes and should be left unchanged.

See Our Google Reviews

Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
Next Reviews

Site Map
Privacy Policy

Click for the BBB Business Review of Cash Buyer New Jersey