Does a borrower have a legal right of redemption in New Jersey?
New Jersey has a statutory right of redemption. This means that the borrower or the party whose property has been foreclosed has a legal right to reclaim that property. The borrower must make a payment in full of the sum of the unpaid loan plus costs to the bank. It must be emphasized that there is a strict time limit of only ten days to exercise a right of redemption after the foreclosure sale. 8. I have recently lost my house at a sheriff’s sale. However, my home sold for $50,000 less than the amount of the mortgage that I owe to the bank. Can the bank still sue me for the balance of the original loan? Yes, in New Jersey the banks or mortgagee is still entitled to sue a homeowner for any balance that is still due on the mortgage after a sheriff sale. Nonetheless, in my experience deficiency lawsuits are rarely filed. A deficiency judgment can be obtained when the home that is sold at a sheriff sale for less than the mortgage amount. This means that the borrower still owes the bank fo
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