New Jersey

New Jersey Statutes § 2A:50-53. Judicial foreclosure state.

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Judicial Type

Judicial

Redemption

10-day right of redemption after the sheriff's sale (objecti

Deficiency

Lender may pursue deficiency. Deficiency is limited to debt

Mediation

New Jersey Foreclosure Mediation Program: mandatory for owne

Statute Citation

N.J. Stat. Ann. §§ 2A:50-1 to 2A:50-68

Redemption Period

10-day right of redemption after the sheriff's sale (objection to sale). Additionally, the borrower has the right to cure up to the date of the foreclosure judgment (by paying all amounts due).

Deficiency Judgment Rule

Lender may pursue deficiency. Deficiency is limited to debt − fair market value (determined by court in a fair value hearing). Motion for deficiency must be made within 3 months of the sheriff's sale.

Notice Requirements

Foreclosure complaint with lis pendens. Notice of intent to foreclose served on borrower at least 30 days before filing. Sheriff's sale after judgment — published.

Mediation Program

New Jersey Foreclosure Mediation Program: mandatory for owner-occupied residential properties. Administered by the Superior Court.

Key Provisions

Judicial foreclosure only — full court oversight
New Jersey Fair Foreclosure Act
Mandatory foreclosure mediation
Fair value hearing for deficiency

Homeowner Protections

Mandatory mediation for owner-occupants
Fair value limitation on deficiency
30-day pre-filing notice
Judicial process with full due process
Right to cure up to date of judgment

Frequently Asked Questions

How does New Jersey's Fair Foreclosure Act protect me?+

The New Jersey Fair Foreclosure Act requires: (1) a notice of intent to foreclose at least 30 days before filing, (2) the borrower has the right to cure the default at any time up to the entry of the foreclosure judgment (not just up to some earlier cutoff), (3) the lender must consider the borrower for all available loss mitigation options, (4) mandatory mediation is available for owner-occupied properties, and (5) deficiency judgments are limited to the fair market value of the property. The Act provides one of the strongest frameworks for borrower protection in a judicial foreclosure state.

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