First let’s tackle exactly what a foreclosure is. Foreclosure is the legal process where a lender attempts to recover the amount owed on a defaulted loan by taking ownership of it and selling the mortgaged property. If you stop paying your mortgage… you forfeit all rights to the property and will lose your home.

Technically the lender must follow certain specified procedures. New Jersey is a judicial foreclosure state. That means that if you default on your mortgage, the lender has to go to court in order to repossess your home. The New Jersey Fair Foreclosure Act provides the rules that lenders must follow before and during foreclosure. If you are heading into foreclosure and are at risk of losing your home, you will certainly know in advance about it from your lender and/or others acting on their behalf.

Can a foreclosure in NJ be stopped?

If you fall behind on your mortgage payments and your lender starts talking foreclosure, you might still be able to stop it and save your home. You can either file for bankruptcy or file a lawsuit against the lender to possibly stop it entirely, or at least delay it. If you have a bit more time on your hands, you can apply for a mortgage modification or some other workout option.

How long can you not pay your mortgage before foreclosure begins in NJ?

The lender will usually wait until you have missed at least three mortgage payments before sending a foreclosure notice. As noted above, it is required by The New Jersey Fair Foreclosure Act for the lender to send this notice to you.

If you need find yourself at risk of foreclosure and losing your
home, we can help. Contact us at 732.302.9600 for a FREE
consultation with our ‘Stop Foreclosure’ expert.
Or conveniently fill out our consultation online here.