Short answer
It is the written warning a New Jersey lender must send before filing a foreclosure complaint. You have 30 days from receipt to pay off the debt or make other arrangements. The notice must state the amount needed to cure, say you can sell or transfer title, and mention the court's foreclosure mediation program.
What the notice has to include
The New Jersey Judiciary lists what the lender's Notice of Intent to Foreclose must contain. It must give the reason for the intent to foreclose, the lender's interest in the property and contact information, and the amount needed to cure the debt. It must explain what will happen if the debt is not cured, include a statement that the debtor can sell or transfer the title, and describe the right to hire an attorney. It must also point to available resources to cure the debt and give information about the foreclosure mediation program. If your letter leaves out several of these, show it to an attorney.
The 30-day window
The court's page says debtors have 30 days from receipt of the notice to pay off the debt or make other arrangements with the lender. After those 30 days, the lender can file a foreclosure complaint with the Office of Foreclosure. The case then gets a docket number and the property is in what the page calls lis pendens status, meaning a suit is pending. Write down the date the notice reached you. Everything else is counted from the court filings that follow.
Selling is named in the notice for a reason
The statement that you can sell or transfer title is not a hint. It is a required part of the notice. A sale that pays the mortgage in full ends the debt before a judgment is entered. The practical steps are to ask the lender for a payoff figure, to compare it with what the house can realistically sell for, and to ask a real estate attorney about timing, since a contract and closing cannot be done overnight. Paying off the loan also avoids a lender suing later for a shortfall after a sheriff sale.
Use the 30 days to get help
The state's housing agency says foreclosure counseling is available at no cost to the public, and that the sooner you call a HUD-certified housing counselor, the more options you will have. The Judiciary's mediation packet gives 609-278-7508 as the number to reach the New Jersey Housing and Mortgage Finance Agency to be connected with a counselor. A counselor can talk through a loan modification, repayment plan or sale without charging you.
A cash sale as one path
If you decide to sell rather than cure, 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 sale on the open market with an agent may bring more if there is time and the house is in good shape. Compare both against your lender's payoff figure.