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Deficiency Judgments Deficiency judgments are permitted in New Jersey. A lawsuit for a deficiency must be commenced within three months from the date of the foreclosure sale, or confirmation of the sale if confirmation was required. Although the deficiency suit is a separate lawsuit, it can only be brought against a person who was joined to the foreclosure lawsuit and who is personally responsible for the mortgage debt. Such a person must be served with the process. On a note that is dated on or after May 1,1980, the debtor may dispute the deficiency by introducing evidence of the fair market value of the mortgaged premises at the time of the foreclosure sale. The deficiency is limited to the difference between the fair market value of the premises and the balance due on the loan. However, a borrower should object to the foreclosure sale price prior to the confirmation of the sale. The failure to do so may set the borrower up for a larger deficiency. However, some New Jersey courts are refusing to confirm the foreclosure sale unless the lender agrees, as part of the confirmation, not to sue the borrower for a deficiency greater than the difference between the fair market value and the balance owed on the loan.
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Is new jersey a red or blue state?
A red state.
What state has the most collages?
new jersey
What state is the cockpit of the revolution?
New Jersey
Why was the purple violet chosen for the state flower for New Jersey?
The common meadow violet was named New Jersey's state flower because it is most abundant there. It was considered the state flower since 1913 but not legistatively adopted until 1971.
What country borders New York State?
New Hampshire
What are Colorado's laws regarding deficiency judgments after a non-judicial foreclosure?
Colorado is a full recourse state. Creditors may pursue a debtor for a deficiency judgment for 20 years after the debt was incurred. Moving to another state could result in the creditor domesticating the deficiency judgment and then the new state's statute of collection limitations would apply.
Can a judgment in Florida force you to sell your home in NJ?
No. A Florida state court has no jurisdiction in New Jersey.No. A Florida state court has no jurisdiction in New Jersey.No. A Florida state court has no jurisdiction in New Jersey.No. A Florida state court has no jurisdiction in New Jersey.
When New Jersey a state?
new jersey became a state in 1787.
What is the state to the north of New Jersey?
New York state
Is New Jersey a city or a state?
it's a state Jersey city is a city in the state of NewjerseyNew Jersey is the eleventh-most populous state in the New York City, Philadelphia, and along the eastern Jersey.
What is New Jersey State rock?
New Jersey's state rock is Glen Rock
What are New Jersey's state colors?
a pale yellow and jersey blue
What us state grows eggplant?
new jersey
Was New Jersey a slave state?
New Jersey was a slave state until 1804 when it became a free state.
What state is New Jersey in?
New Jersey is a US State and contains no other states.
Is New Jersey a state?
yes, new jersey is a mid-atlantic state!
What is the state soil of New Jersey?
The state soil of New Jersey is Downer soil.
