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The Fair Foreclosure Act (FFA), N.J.S.A §§ 2A:50-53 to 2A:50-73, is a state law that protects residential mortgage debtors and establishes a uniform statutory framework under which courts can more clearly identify the rights and remedies of the parties involved in foreclosure proceedings throughout New Jersey.
A proof of service made by affidavit or certification shall state the name and address of each attorney served, identifying the party that attorney represents, and the name and address of any pro se party.
After the sale of the property, the debtor has 10 days to redeem the property. This means they can buy the property back or sell it. If the debtor fails to redeem with 10 days, the proceeds of the sale pay off what is owed on the mortgage.
State law requires that all residential mortgage lenders give residential mortgage debtors at least 30 days prior notice before commencing any foreclosure or other legal action to take possession of property (the ?Notice of Intention to Foreclose?).
New Jersey property is generally presumed abandoned if it has remained unclaimed by the owner, or if there has been no activity other than automatic activity (interest posting on a bank account is considered automatic activity) for more than three years.
Once you have filed a complaint with the court in New Jersey you have 15 days to issue a summons from the date of the Track Assignment Notice. If you fail to do so your action may be dismissed. The summons must be served together with a copy of the complaint to the defendant, namely the person you are suing.
New Jersey is a judicial foreclosure state which means that if you default on your mortgage, the lender must go to court in order to repossess your home. (Some states use nonjudicial foreclosures, which do not go through court.)
6 years from the maturity date in the note or mortgage. 6 years from the last defaulted mortgage payment. 36 years from the date when the mortgage was recorded.