What happens after the final chance to cure in a New Jersey foreclosure?

The New Jersey Judiciary says the plaintiff must give the defendant a final chance to cure the debt 14 days prior to filing the entry of default. The defendant then has 10 days to respond to the letter. From that point, the defendant has 45 days to cure the debt or make other arrangements. These are the steps in the Judiciary's own description of the process, so read your letter closely and count from the dates on it.

The same page says that if the defendant cannot cure the debt in 45 days, the court grants the plaintiff a final judgment, and the court then issues a writ of execution. A writ of execution is the court paper that authorizes the sheriff to sell the property. From the date it issues, the sheriff has 150 days to auction the house, which is when most homeowners feel real time pressure.

The page uses the phrase cure the debt or make other arrangements. A cure usually means bringing the loan current. Other arrangements can include a loan modification negotiated with the lender or a sale of the house that pays the lender. Talk to a housing counselor, who can work with you at no cost, and an attorney, who can tell you what the lender must accept before the deadline ends.

A house sale takes time: a buyer must be found, a contract signed, and a closing scheduled. Waiting until the writ issues leaves less room. If you want to sell, starting during the 45-day period is far easier than starting after final judgment. Ask the lender's attorney how to get a payoff statement, and tell your own attorney about any sale contract so the stages stay coordinated.

Kaizen Home Buyers makes cash offers on New Jersey houses as-is, with no repairs and no agent commission. We can give an offer within 24 hours and close in 14 to 30 days or on the date you choose. Call 267-329-0084. A traditional listing with an agent is also possible if you have enough time, and the right choice depends on the payoff, the house condition and the calendar.