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