New Jersey Property Buy Foreclosure
Description
How to fill out New Jersey Commercial Property Sales Package?
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FAQ
The Notice of Intention to Foreclose must be sent by regular and certified mail and cannot be sent more than 180 days before the commencement of such action. The Notice must contain all the information set forth in NJSA 2A:50-56 et seq.
Once the Final Judgment is entered and a Writ of Execution delivered by the Plaintiff to the Sheriff of the County, the Sheriff is required to schedule (and conduct) a Sheriff's Sale of the Property. In residential foreclosures, the sale date must be advertised in a local newspaper for four (4) consecutive weeks.
How the Court Process Begins. After the 30-day period, the lender files a foreclosure complaint with the Office of Foreclosure. Once the complaint is filed, it enters a Lis pendens, meaning a suit is pending. The lender becomes the plaintiff, and the debtor becomes the defendant in the court record.
If the judge rules in favor of the lien, then New Jersey law requires the local sheriff to sell the home at auction. This auction will be within 150 days of the official foreclosure of the property. The time leading up to foreclosure varies substantially, as it can take 8 months from notice to sale at auction.
New Jersey foreclosures go to public auction before being repossessed by the bank or U.S. government. They're usually all-cash purchases only ? bring a certified check or money order for the deposit. The full amount must be paid within 30 days of the sale.