New Jersey Foreclosure listings comprise of judicial foreclosed residential and commercial properties. New Jersey is a lien theory state. It means, the property of a home owner can be used against raising home equity loans but the title of the property remains with the borrower while the repayment is going on. Hence, the lender has no room to foreclose the property through power of sale when the borrower defaults in repayment of the loan. The lender has to move to the court to suspend borrower’s right of redemption. In this article we will discuss the process of judicial foreclosure in New Jersey in detail.
Courts dealing with foreclosure pleas in New Jersey are known as superior courts. When the lender appeals at these courts, they summon all parties interested in the property. During the hearing, the court issues pending legal action notice against the property. After hearing, the court approves the foreclosure and issues sale notice of the distressed home or commercial property through auction. The foreclosure process here can take as long as 250 days depending upon the court schedule, redemption period and further legal actions taken by the borrower.
The sale of distressed home can be delayed or stopped due to two reasons. In New Jersey, right of redemption after auction is legal. The borrower can pay the unpaid debt and foreclosures cost and reclaim the property within 10 days of auction. Another road block in the direction of uncontested foreclosure is deficiency judgment. Under this clause, the borrower can appeal for the sale of the foreclosed property at market price. Considering several factors like difference of price, bidding amount and unpaid debt, the court can approve or disprove it. The appeal for deficiency judgment can be made within three months of auction.
Apart from bank owned property, you can also find government foreclosed properties at Foreclosure listings in New Jersey. These properties have tax dues. Statistics show that these properties are cheaper compared to bank owned ones. All information related to these properties is available at real estate websites. They showcase properties according to category, price and location and do not charge any fee to view them. Their listing is updated regularly. Along with, they also offer relevant tips related to purchase and auction.
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Written by Alex Rolim.
