In most cases, it is not too late to stop foreclosure until the property is sold and the redemption period has passed. Even if you’ve been evicted, there may be a pathway to get your home back, although it can be challenging.
Because New Jersey follows a judicial foreclosure process, foreclosure can be a time-consuming and complicated process. The good news is that there are opportunities to stop foreclosure at almost any stage of the process.
Typically, the earlier you are in the foreclosure process, the more options you’ll have for help. A foreclosure attorney can help you understand your situation, explain what options are available for your specific situation, and give you the best chance at stopping the foreclosure.
Keep reading to learn more about the foreclosure timeline and when it’s too late to stop a foreclosure, or contact us today for a free phone consultation and to see what the lawyers at Denbeaux & Denbeaux Law can do for you.
Understanding the Foreclosure Timeline in New Jersey
Once a house is in foreclosure, it can be stopped using different strategies during the foreclosure process. It depends on where you are in the process. Understanding the foreclosure timeline will help you know what options you have. Once you know what step you are on, you can take the appropriate actions to prevent foreclosure.
Step 1: Missing Mortgage Payments
If you fall behind on your mortgage payments, your home won’t be foreclosed on right away. In most cases, the foreclosure process won’t begin until you’ve missed approximately 90-120 days of payments.
It’s easiest to stop foreclosure at this stage before your lender takes actions to begin foreclosure.
Step 2: Receiving a Notice of Intent to Foreclose
After you’ve missed several payments, your lender will send you an official notice letting you know they plan to start foreclosure, known as a Notice of Intent to Foreclose (NOI). By law, your lender is required to send the NOI at least 30 days before filing for foreclosure. It will share how much you owe and give you a chance to act before the lawsuit is filed.
If you’ve received a foreclosure notice and aren’t sure what to do next, you can learn more about your options here.
If you want to stop foreclosure after receiving an NOI, it’s essential to respond and start building your case against foreclosure. If you don’t, your lender can file for a streamlined foreclosure that gives you few options to stop it.
Step 3: Foreclosure Complaint Filed
If you were not able to find a solution with your lender, they can move forward by filing a foreclosure complaint in court. When you receive a Complaint, your foreclosure case officially enters the legal process. If you don’t take action, your lender may be able to file for a streamlined foreclosure, which reduces the time to eviction and the options you have to defend against the foreclosure.
Even after the complaint has been filed, you can still take actions to stop the foreclosure, like fighting through the judicial foreclosure process or getting a loan modification, which stops foreclosure during the loan modification process.
Step 4: Filing an Answer
Once you’ve received the complaint, you have 35 days to respond by filing an Answer and fight the foreclosure. This is your opportunity to challenge the foreclosure. If you ignore the complaint, your lender can move forward without opposition through a default judgment or a streamlined foreclosure.
Filing an Answer is one of the most important steps you can take in the foreclosure process because it keeps your case open and protects your right to fight the foreclosure.
It is always recommended to file an Answer. If you have received a complaint and need help filing an Answer, contact us for a free consultation to see how we may be able to help. This is the first step to stopping foreclosure if your lender sends you an NOI.
Step 5: Final Judgment Issued
If the lender moves forward with the case, they’ll ask the court for a final judgment. This will determine the total amount owed and gives the lender permission to sell your home. How long it takes to issue the final judgment can vary based on your defense strategy and the uniqueness of your case.
It’s more difficult to stop foreclosure at this point, though it’s still possible if the lender made errors or didn’t follow the law.
Step 6: Sheriff’s Sale Scheduled
Around 30-60 days after the final judgment, your home will be scheduled to be sold at a public auction, known as a sheriff’s sale. You’ll get at least ten days’ notice (often more) of the sale date and have the opportunity to request a postponement. This is your opportunity to stop foreclosure at the sale date before the home is sold. If the home is sold for under the amount you owe, you may also have to pay a deficiency judgment.
Once the sheriff sale is scheduled, the foreclosure is close. At this point, most foreclosure lawyers won’t help, but our team has helped clients who were facing sheriff’s sales in the past.
Step 7: Redemption Period Begins
In the New Jersey foreclosure process, you have a 10-day redemption period after the sheriff’s sale is confirmed to save your home by paying off the full amount owed. While this isn’t realistic for everyone, it is important to know it’s an option.
If there was an issue with how the sheriff’s sale was handled, you may also be able to file an objection to the sale. Filing an objection can delay the court’s confirmation of the sale, which may give you more time to find a solution before the foreclosure is finalized.
This is the last step before foreclosure can’t be reversed. If you don’t take action during the redemption period, the foreclosure is final.
Step 8: Eviction Process
After the home is sold, a date will be set for your eviction. You will receive at least two weeks’ notice (often more) of the eviction date. At this stage, it is typically too late for a lawyer to stop the foreclosure process.
If you are unsure about your current timeline or next steps, contact us today to speak with an experienced foreclosure attorney. They can provide personalized guidance based on your unique situation during a free call.
When Is It Too Late To Stop Foreclosure?
In most cases, it’s not too late to stop foreclosure until the property sale has been confirmed and the 10-day redemption period has expired. At every stage until then, there are multiple opportunities to stop foreclosure. The earlier you take action, the more chances you’ll have to protect your home.
Legal Options to Stop Foreclosure in New Jersey
If you are facing foreclosure, it is important to know what legal options are available. Below are four common legal strategies that may help you stop foreclosure.
- Get a loan modification to make payments more manageable
- Get up-to-date on missed payments and late fees
- Contest the foreclosure in court
- File for bankruptcy (though we rarely recommend this, as other options are often better)
Talk to a Foreclosure Defense Attorney to Explore Your Options
Even if you are well into the foreclosure timeline, it’s usually not too late to stop foreclosure until the redemption period ends. Until then, you still have options to save your home.
Having strong legal representation can be the difference between saving your home and being foreclosed on. An experienced foreclosure attorney can help you understand your options and take the steps needed to save your home.
Joshua Denbeaux is an experienced foreclosure defense attorney who knows how the New Jersey process works and helps homeowners explore every option available to them to stop foreclosure. Contact Joshua Denbeaux for a free phone consultation today.
