What Is The Right of Redemption Law?
The New Jersey foreclosure right of redemption law provides individuals in the state with a limited amount of time to reclaim his or her property. There are several key aspects to this law that must be understood before the individual can utilize it. • There is a foreclosure redemption period in place. This timeframe is only a ten day period. All other conditions of the law must be made within this timeframe for the home to be reclaimed. • The homeowner must make all payments to get the loan current. This includes all back principle and interest payments, late fees and other fees. • The homeowner must pay for the legal costs the lender had during the foreclosure process as applicable to the individual case. • The homeowner must show he or she is able to continue payments according to the original terms of the loan. It is often very difficult for individuals to achieve these benefits when foreclosure is complete in New Jersey. The individual may wish to focus on avoiding foreclosure as
