Upcoming Foreclosures

Do you know NJ Foreclosure Law?

Public Comments

1. Yes. It's the same as in any other state. If you do not pay your mortgage as agreed, the lender will repossess your home when it determines that it wants to.
2. Yes. You get a "demand" letter from the bank. It is your notice that you must bring your payments current or the bank will take the house. You will have a date in the notice which is your Foreclosure Auction date or Trustee's Sale date. You would be expected to be out of the house at that time. If you don't vacate, they have to file an eviction. That gives you 30 more days to leave; but it is a mistake. You would now have an Eviction on your record as well as a foreclosure. Which will make it hard to rent an apartment. You need to stay in the house as long as possible, tho. You are responsible for any damage (usually vandalism) to the house while you still own it. So stay in contact with the bank and verify that the auction has been held before you move out completely (you will have to start moving out little by little in advance)..