Q What is a Notice of Intention to Foreclose in New Jersey? Is it something I should take seriously?
First of all, you should take any notifications from your lender seriously. They may be wrong or annoying, but it's still regarding your house and your money, so it's in your best interest never to ignore any kind of letter you receive.
A Notice of Intention to Foreclose is just that: your lender is telling you that because you are not current with your loan payments, he is planning to foreclose on your property. New Jersey statute 2A: 50-56 says that "before any residential mortgage lender may accelerate the maturity of any residential mortgage obligation and commence any foreclosure or other legal action to take possession of the residential property which is the subject of the mortgage, the residential mortgage lender shall give the residential mortgage debtor notice of such intention at least 30 days in advance of such action."
The Notice of Intention to Foreclosure should "clearly and conspicuously" tell you what is actually happening and why. It should state the particular obligation or real estate security interest, the nature of the default claimed, and your right to cure the default (including how much you need to pay and the date you need to pay by). It should also say that if you do not cure the default by the date specified, the lender could take steps to commence a foreclosure suit in a court of competent jurisdiction.
The good news is that New Jersey is not known for moving foreclosure proceedings along very quickly. That does not, however, mean that you should wait to take steps to protect yourself. If you receive a Notice of Intention to Foreclose, it is highly recommended that you contact a New Jersey foreclosure attorney immediately so he can acquaint you with your options and help you fight for your home. For a free consultation, contact Fazzio Law Offices today at 855-743-0262.