In a New Jersey foreclosure, after a judgment of foreclosure is entered by the court, the property is sold through which mechanism?
Correct Answer
B) A public auction conducted by the county sheriff
In New Jersey's judicial foreclosure process, once the court enters a final judgment of foreclosure, the property is sold at a public auction conducted by the county sheriff. This is called a sheriff's sale. The sheriff's sale is publicly advertised and open to competitive bidding, with the lender typically making a credit bid up to the amount owed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
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