After a sheriff's sale is conducted on Marcus's property in Bergen County, New Jersey, Marcus learns he still has a limited window to reclaim his home. How many days does Marcus have after the sheriff's sale to exercise this right?
Correct Answer
D) 10 days
In New Jersey, after a sheriff's sale, the borrower (and certain other parties with an interest in the property) has a 10-day upset period during which the sale can be challenged or the borrower can redeem the property by paying the full judgment amount plus costs. This 10-day period is a distinctive feature of NJ's judicial foreclosure process.
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Related Topics & Key Terms
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Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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