The New Jersey foreclosure process is a very lengthy compared to other states. There are so many foreclosure filings in New Jersey that virtually every one either knows someone whose house is in foreclosure, or is aware of a foreclosure within their neighborhood. Also, I am sure that most people know of a circumstance where a person’s property has been in foreclosure for numerous years.
Prior to the fall out of the economy, the real estate crash, and the rise in the foreclosure filings, a typical foreclosure action took approximately eight months. However, over the last four years a foreclosure action could have taken many years, from the date of the filing of the lawsuit to the sheriff’s sale. The two main reasons for the delay was the inability for the system to handle the high volume of foreclosures and the New Jersey Supreme court’s order to cease all filings for approximately one year. Furthermore, there are only a hand full of law firms that handle the bulk of the foreclosure actions. This resulted in a back log, not only with the courts, but with the law firms, as well.
However, presently, the system is much more efficient, as the back log has thinned out. Also, the court has implemented an electronic filing process that has reduced the time between the filing of the complaint through the sheriff’s sale.
At present, it is estimated that a foreclosure complaint may be filed after approximately three or four months of mortgage arrears. The estimated time between the filing of the foreclosure action through the date of the sheriff’s sale is about eight months.
You can contact Robert Manchel, the NJ. foreclosure resolution attorney, at (866) 503-5655.