Time for completion of Foreclosures in NEW JERSEY - Posted by Cas

import · August 28, 2003, 4:55pm

Posted by Cas on August 29, 2003 at 16:51:49:

IB, Redline…Thanks for the info

import · August 28, 2003, 4:55pm

Posted by Cas on August 28, 2003 at 16:55:20:

Does anyone know how long is the average time to complete an UNCONTESTED foreclosure in New jersey ?

Any redemption period after the judgment/ writ of execution ???

import · August 29, 2003, 11:25am

Re: Time for completion of Foreclosures in NJ - Posted by Redline

Posted by Redline on August 29, 2003 at 11:25:15:

Hello there IB!

Anyway here’s my two cents:

NJ timeline to forclosure: 12 months.
Tax forclosure: 24 months +
Redemption period: 10 days.
Being able to set the clock back in time to where buying at Sheriff sale was like shooting fish in a barrel: PRICELESS.

RL

import · August 28, 2003, 6:28pm

Re: Time for completion of Foreclosures in NJ - Posted by IB (NJ)

Posted by IB (NJ) on August 28, 2003 at 18:28:47:

I’ve found that a tax foreclosure usually takes about 12-16 mos. or more. Judicial foreclosures (delinquent mortgages) usually take anywhere from 6-10 mos. to go to sale. I only follow essex county sheriff sales so I’m not really sure for the other counties.

Owners in default are given a 10 day redemption period in a judicial foreclosure. There’s NO redemption period for tax foreclosures. However, our NJ tax lien expert (you reach ‘guru’ status if you’re an expert AND offer a course ), Ben (NJ), once stated that a sheriff sale is involved in a tax foreclsore if there’s an IRS lien against the owner. Ben, please correct me if I’m wrong here. Redline chime in as well ol’ friend.