How to Buy New Jersey Foreclosures

The mortgage foreclosure procedure followed by the State of New Jersey is, for the most part, judicial. The notice period is very long drawn; the public auction of foreclosure sale could take place any time after eight months from when the owner of the property is served the notice of default.

A buyer should preferably not wait till the foreclosure property is transferred to the lender (Real Estate Owned) after the auction, because it would cost lesser during preforeclosure. If the property sells for lesser than the amount left on the mortgage, a provision for the lender to acquire a deficiency statement exists in New Jersey.