What happens next?

[howdidithappen]

Complaint for Mortgage Foreclosure was filed April 8, 2009. Summons was issued June 24, 2009. What will happen next? Last mortgage payment was October 2008.

[howdidithappen]

I'm asking this question for a friend. Does the Summons end in a Motion for the final foreclosure and then the owner is given a certain amount of time to leave the property if they don't come up with the funds? Does the mortgage company want just what's past due at that point?

[lrprn]

What state does your friend live in? (Foreclosure law and procedures vary by state.)

[howdidithappen]

New Jersey

[DeadManCrawling]

http://www.afscanhelp.com/timeline.cfm

http://stopforeclosure.com/New_Jersey_Foreclosure_Law.htm

Couple of differing views on Jersey foreclosure.

Since NJ is a judicial state, your friend can slow the foreclosure process significantly if they need more time. Simply answering the complaint and either denying some part of it (interest charges, or terms) or asking for a continuance to gather more information, can extend the matter a long time for a very small amount of money.

At the end of the process, Jersey only offers a TEN DAY redemption period which strikes me as very very short. Not that it matters ultimately, since most debtors have zero chance of redemption anyway. Some people use the redemption period to extend their stay in the home, though, and the short Redemption period is something to be aware of.

[howdidithappen]

If they are able to come up with the amount that's past due (it will be tough - it's a number of months) can they stop the foreclosure? Think they can stretch it out until December when one of the gets a year end bonus?