3 Recent Changes to NJ Foreclosure Laws

Performance Property Real Estate Question

Q: How will the new foreclosure legislation in NJ affect the process? Henry, Chatham, NJ

A: Many of the new foreclosure law changes enacted in 2019 in NJ are procedural and are intended to help struggling homeowners facing foreclosure. Here are 3 of the new changes: 1) NJ’s foreclosure mediation program was strengthened 2) The statute of limitations for most residential foreclosure actions was reduced from 20 years to 6 years from the date the debtor defaults 3) the additional time granted for the two automatic adjournments that homeowners facing foreclosure can apply for to postpone a sheriff sale were doubled–each adjournment now results in a four week postponement–up from 2 weeks. Thanks for your question, Henry.

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