Speed of NJ Foreclosure

[Jammed]

Just received my summons for forclosure on a rental property in NJ. Anyone know how long I have before the foreclosure happens? What about if I file an answer to this summons? How much time will that buy me?

One possible grounds for challenging this is that the summons was delivered to the tenant at the house instead of to me. The mortgage company knows I live in PA and had been sending all mail to me at my home address. For some strange reason the mortgage company stopped sending me any bills at my home address a few months ago - and now they delivered the summons to my tenant. It's almost like they are trying to keep me in the dark about what is happening.

[jlmaca]

Just received my summons for forclosure on a rental property in NJ. Anyone know how long I have before the foreclosure happens? What about if I file an answer to this summons? How much time will that buy me?

One possible grounds for challenging this is that the summons was delivered to the tenant at the house instead of to me. The mortgage company knows I live in PA and had been sending all mail to me at my home address. For some strange reason the mortgage company stopped sending me any bills at my home address a few months ago - and now they delivered the summons to my tenant. It's almost like they are trying to keep me in the dark about what is happening.

Absolutely answer the foreclosure summons. This will buy you some time. If you don't answer you will receive a summary judgement and in NJ you only have a 10 day redemption period which means they can set the sale date really quickly.

[Jammed]

I'm meeting an attorney on Monday to discuss filing an answer. This will cost about 2,000. I spoke to a few attorney's on the phone and they said foreclosures in NJ ususally take 6-12 months and that filing an answer will delay things by a few more months. I'm not sure if the clock starts to tick from the date of the summons - or the first morgage payment missed (we're about 7 months behind). If it's from teh summons date, we still have time left to try to save the house. If it's from the first month late, we might be running out of time.

[jlmaca]

I'm meeting an attorney on Monday to discuss filing an answer. This will cost about 2,000. I spoke to a few attorney's on the phone and they said foreclosures in NJ ususally take 6-12 months and that filing an answer will delay things by a few more months. I'm not sure if the clock starts to tick from the date of the summons - or the first morgage payment missed (we're about 7 months behind). If it's from teh summons date, we still have time left to try to save the house. If it's from the first month late, we might be running out of time.

With all the foreclosures happening today I think your timeline is correct. Are you hiring an attorney to just file the answer or to consult for a preliminary bankruptcy. You can file a simple standard answer yourself for nothing.

[marie1260]

Does anyone know what to include in your answer to a foreclosure complaint? I was served a couple of days ago. I did ask for forebearance, do I need to answer the complaint with the court? If so, what do I write them?

[catleg]

You should be aware that the courts in NJ are highly creditor-friendly so if you want to fight a foreclosure you'd really better get an attorney.

Filing an answer is not free, it costs $135.

Here is a link to the FAQ on the court website: NJ Foreclosure FAQ

[Jammed]

We hired a lawyer who is also a housing mediator - his fee is higher than I would like - but he really seems to know his stuff. Since my hubby isn't willing to throw in the towel and face the reality that we really need to file bankruptcy - we are not yet filing bankruptcy. We told the attorney we want to keep the house and will try to scrape up the 7+ months we owe to try to save the house. We asked to attorney to negoatiate with the lender so we can pay part now and part in December (since BOA wouldn't negotiate with us). The attorney is also going to file an answer in court to buy us more time with the foreclosure in case we can't come up with all the money.

[Jammed]

Thanks for the link Catleg! This is good information.