New Jersey Foreclosures and Foreclosed Homes for Sale

Allowing only a judicial process, New Jersey foreclosures generally take around nine months to complete. Before the lender can begin the process, though, they must send a letter to the borrower demanding payment of the full default amount. If the borrower fails to make the payment in the specified amount of time, the lender will file a lawsuit with the county clerk and begin to foreclose on the property.

New Jersey allows the lender to notify the borrower of the lawsuit either in person, or through publication. Generally, the lender will only use the publication option if the borrower can't be located. After this notice is sent, the borrower has a set amount of time, usually no less than 30 days, to respond to the lawsuit. If the borrower fails to appear, or the court rules in favor of the lender, an auction date will be scheduled.

Once the auction has been scheduled, the lender must take steps to ensure the notice of sale is properly displayed. In addition to posting a notice on the property, it must also be posted at the county courthouse, and published in two local newspapers. New Jersey has strict requirements for notices of sale, which must be adhered to.

A county official will preside over the auction, which is open to the general public. The county sheriff will transfer ownership to the highest bidder within 10 days of the auction's end, subject to confirmation by the court. During this time, the previous borrower has the right to redemption, but once the sale is confirmed, the borrower's rights end.

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