If keeping your home is your goal when dealing with the New Jersey foreclosure process, you've got to be proactive. There is a sharp contrast in the length of the foreclosure timeline between those those that jump right into the fight and those that are a bit slow out of the gate. Dealing with foreclosure can be overwhelming, considering that it is often yet another crisis in a series of unfortunate events.
After all, most people facing foreclosure have been through some sort of financial, medical, or personal turmoil, and it is difficult to act when you're unsure of exactly what to do. However, in New Jersey, failing to act fast is risky; it can cost you your home.
Quite The Timeline Contrast
Understanding the New Jersey foreclosure process allows you to take smart foreclosure prevention moves at the right time. Taking the correct actions within the legal deadlines is essential to New Jersey foreclosure defense strategies. Failing to do so leaves you with a tight foreclosure process time line. You could receive your official notice to vacate the home within 48 hours a mere 343 days after the first mortgage payment you miss.
It can be a totally different story for those taking the right action at the right time. According to an April 15, 2013, UPI report, New Jersey now has the second longest average foreclosure process timeline in the nation. New Jersey's 1,002 days falls just below New York's 1,049 day foreclosure timeline. The explanation for that stark New Jersey foreclosure process time line process contrast between a brief 343 days and the significantly longer 1,002 day time frame? Taking the right actions at the correct points in the process.
Meeting New Jersey Foreclosure Process Deadlines
A New Jersey foreclosure defense strategy is all about the right actions at the right times. It is essential to meet all New Jersey foreclosure process deadlines. Failing to pay three mortgage payments in a row pushes most lenders to begin the foreclosure process. You'll receive a Notice of Intention to Foreclose 33 days before making their foreclosure complaint. It will contain the financial data concerning the mortgage, including default amount and the amount remaining on the loan. If you can pay them, now is the time to do it.
If not, the next step is the serving of a summons and the foreclosure complaint. If you plan on defending yourself against it, you'll need to be prepared to do so in writing, in language suitable for court, within 35 days. You have 60 days to request mediation, also in writing. The Entry of Final Judgment notice can be expected two weeks before the filing of the Motion for Final Judgment. The notice must be answered within 10 days, and can garner a 45 day to pay off the default. You'll have 10 days to respond to that.
Throughout court there will be various motions to be filed. As the process proceeds, you'll see the Writ of Execution and the notification of the sheriffs sale date. You can get that postponed twice, for two weeks each. A motion can be made to the court requesting additional time. If the sale does happen, you'll have 10 days to buy the property back. After that time period, it's over. All is final.
Foreclosure Defense Attorney: The More Practical Option
Knowledge is power in these situations and you don't have time to become an expert at this point. An experienced foreclosure defense attorney is probably the most practical option you have. If you hope to rescue your home from foreclosure, an attorney is the best way to push your foreclosure process time line well beyond that too brief 343 days. There's a reason New Jersey ranks high on foreclosure process time line list – plenty of skilled lawyers that know how to get the most out of each tick of that time clock.