Before you understand how to avoid the foreclosure and eviction process in New Jersey, it’s important that you understand how each process works. Here’s what you need to know.

The Terms

  • Foreclosure: One out of 200 homes are typically foreclosed on. If a property is mortgaged by a bank, foreclosure means the bank is repossessing the home because mortgage payments are not being met.
  • Eviction: Eviction means a tenant of a lease is removed from their living situation. If a tenant violates a lease, the landlord has the authority to terminate the lease if the issue is not corrected within 3 to 30 days. Grounds for an eviction notice include failure to comply to the stipulations outlined in the lease, destruction of the property, not paying rent, disorderly conduct, or possession of or illegal drug use on the premises.

What Can You Do to Stop Foreclosure?

Stop foreclosure before it even starts. Have a thorough understanding of the lending agreement and your mortgage rights so you know what is within your control and what the lender has the ability to do. Keep up on your payments and alert your lender as soon as possible if you know you are having a financial problem. Personally manage and control your spending habits. Prioritize the mortgage payments and sell assets to help you make payment deadlines if it is needed. Be wary of companies that offer assistance on how to prevent foreclosure as they often want a fee for themselves.

The Eviction Process in New Jersey

Eviction can happen as a result of foreclosure, but it can also apply to tenants of a place not complying with their lease agreement. One of the most common reasons for eviction is tenants not paying rent at all or they are consistently late on their payments. The eviction process in New Jersey outlines how to get rid of non paying renters.

The eviction process in New Jersey starts with a written notice. It is typically a 3-day notice or a 30-day notice. A 30-day notice is normally used for renters who fail to pay rent on time. When this kind of notice is received, it does not mean you will be forced to move out at the end of the period. It simply means a legal proceeding could take place. In these 30 days, you should address the landlord and discuss your options. If you can work out a solution with the landlord, it will save both you and them the time hassle of going to court as well as the money to pursue a legal case. If an agreement cannot be reached, then a court case will follow.

If you are required to attend a court hearing, it is necessary to understand your rights and have your reasons and defense prepared. This is a chance for a third party to hear both sides of the story and if anything, delay an eviction date based on the situation.