Voiding a New Jersey Real Estate Tax Foreclosure Judgment Due to

Foreclosure is a situation in which a homeowner is unable to make full principal and interest obligations on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as agreed in the mortgage deal. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the homeowner has not comprised the missed payments within a specific grace period, the financial institution will get started to foreclose. The farther behind the borrower falls, the more difficult it becomes to catch up since lenders add fees for payments that are 10 to 15 days late.

Each state has its own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding property foreclosure, and the method for promoting the property. In twenty-two states – including California, Illinois, and Nyc – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by proving the borrower is overdue.

If the foreclosure is approved, the local sheriff online auctions the home to the greatest bidder to try and recoup what the bank is payable, or the bank becomes the owner and offers the house through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale of the home, usually will take 480 to 700 times, based on the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also known as the power of sale, which is often faster and will not go through the courts unless the homeowner sues the lender.

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We bought our house as a foreclosure and as such the previous owners h

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Ann. § 2637301, et al. Redemption of Realty to be Sold for Taxes

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