Attorney General’s Office
P.O. Box 080
Trenton, NJ 08625-0080
Tel: (609)292-4925
Fax: (609)292-3508
www.state.nj.us/lps
Type of Document: Mortgage
Types of Foreclosure:
Only judicial foreclosures are allowed in New Jersey.
Deficiency: A deficiency may be obtained by a lender for the
difference of market value and what is owed on the property. The
downside for a lender to pursue a deficiency judgment is it will allow
the borrower a six month opportunity to redeem the property.
Redemption: Redemption is usually possible only during the ten days
following the foreclosure sale. If the borrower objects to the sale, the
time allowed to redeem is extended until the court rules on the
objection.
Oddities of the state: The lender may choose to foreclose on the back payments and fees only, leaving the existing mortgage in place.
