New Jersey's right of redemption after foreclosure sale is:
Question & Answer
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6 months
A 6-month redemption period is associated with states like Minnesota and Michigan, not New Jersey. New Jersey's legislature deliberately chose a much shorter period given the state's already-extended judicial foreclosure timeline.
1 year
A 1-year redemption period is found in states such as Alabama and Kansas, which use it to give borrowers more time to recover financially. New Jersey's 10-day period is dramatically shorter and is one of the briefest statutory redemption windows in the nation.
10 days
No statutory redemption period
While some states do not provide any statutory right of redemption after a foreclosure sale, New Jersey does provide one — it is simply very short at only 10 days. Selecting 'no statutory redemption period' would be factually incorrect for New Jersey.
Why is this correct?
Under N.J.S.A. 2A:50-64, New Jersey provides a statutory right of redemption of only 10 days following the foreclosure sale, during which the debtor may redeem the property by paying the amount for which it was sold plus interest and costs. This extremely short window reflects the legislature's intent to provide finality to the foreclosure process after the already-lengthy judicial proceedings. After this 10-day period expires without redemption, the purchaser at the foreclosure sale receives a deed and the borrower's right to reclaim the property is permanently extinguished.
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