New Jersey Servicing Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Home Ownership Security Act of 2002 / N.J. Stat. Ann. §46:10B-50(a)(1) | 6-Month Period of Forbearance | A lender that files and serves a complaint of foreclosure on a “high risk mortgage” loan must, upon written request of the borrower, grant the borrower a 6-month period of forbearance to pursue a loan workout, loan modification, refinancing, or other alternative through the judiciary's Foreclosure Mediation Program or another form of mediation or settlement discussion. |
| Residential Mortgage Lending Act / N.J. Admin. Code tit. 3, §1-16.2(a) | Delivery Service Fee Authorization | This authorization must be obtained prior to incurring any delivery service fees that are to be charged to a borrower. |
| NJ Residential Mortgage Lending Act | N.J. Stat. Ann. §17:11C-80(c) | Late Payment Fees-Second Lien Loan | c. The licensee shall also have the authority to charge and collect a late charge in any amount as may be provided in the promissory note or loan agreement, but no late charge shall exceed 5% of the amount of payment in default. Not more than one late charge shall be assessed on any one payment in arrears. |
| Administration of Civil and Criminal Justice / N.J. Stat. Ann. §2A:50-56(a) | Notice of Intention to Foreclose | At least 30 days 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 lender must give the borrower notice of the lender's intention to do so. |
| Administration of Civil and Criminal Justice / N.J. Stat. Ann. §2A:61-1 | Notice of Sale | At least 3 weeks prior to the time appointed for a sale, the sheriff who is authorized or required to make the sale will give notice of the time and place of the sale by public advertisement. The notice will be signed by the sheriff and posted: (1) in the sheriff's office of the county where the real estate is located; and (2) at the premises to be sold. In addition, the notice must be published 4 times, at least once a week during 4 consecutive weeks, in 2 newspapers printed and published in the county where the real estate to be sold is located. The first publication must be at least 21 days before, and the last publication not more than 8 days before, the time appointed for the sale of the real estate. If only 1 daily newspaper is printed and published in the county, then the notice may be provided in 1 newspaper printed and published in the county and 1 newspaper circulating in the county. If no daily newspaper is published in the county, then notice may be provided in 1 newspaper published at the county seat and 1 circulating in the county. |
| Property Code / N.J. Stat. Ann. §46:10B-42(d) | Receipt of Certification of Extension Acknowledgment | Within a reasonable period of time after the receipt of a completed certification of extension from the borrower within the 90 days following the initial Save New Jersey Homes Act of 2008 Notice, a lender must provide to the borrower a written acknowledgment that the certification of extension has been received. |
| Property Code / N.J. Stat. Ann. §46:10B-41 | Save New Jersey Homes Act of 2008 Notice | A lender that issues a notice of intention to foreclose must send to the borrower a written notice, in plain language, sent by regular and registered mail, separate and distinct from all other correspondence, and appear in at least 14-point bold type face. that includes the following: (1) a statement that the information is being provided as required by the Save New Jersey Homes Act of 2008 which was enacted by the New Jersey Legislature and which provides certain rights to borrowers whose homes are the subject of a mortgage foreclosure action; (2) a list of alternatives to foreclosure that the borrower may pursue, including any refinancing of the loan offered by the lender and any renegotiation of loan terms offered by the lender; (3) an explanation of the borrower's right to obtain a period of extension for 3 years pursuant to the Act, and an explanation of the procedure that the borrower must follow to obtain the period of extension; (4) a statement that the notice should be read carefully and that the borrower may wish to consult with an attorney to understand the rights that may be available under the Act; and (5) a certification of extension form that can be completed by the borrower in order to obtain a period of extension. The notice must be sent at the following intervals: (1) within 10 days of issuing a notice of intention to foreclose an introductory rate mortgage; and (2) at the time the lender applies for entry of final judgment of foreclosure. In addition, the notice must be sent in an envelope that states the following information on the outside front portion of the envelope: The New Jersey Legislature has enacted the Save New Jersey Homes Act of 2008, which may help you save your home from foreclosure. Details as to the rights you may have to obtain a period of extension of foreclosure under this new law are contained within. Please read the contents carefully. You may wish to consult with an attorney to understand your rights under this new law. |
| New Jersey Fair Foreclosure Act / NJ P.L.1995, c.244 (C.2A:50-53 et al.) | Short Sale Response | The bill requires a mortgage loan servicer to respond to a good faith offer from a seller, seller's agent, or authorized third party to purchase the property through a short sale within 60 days of the date of the offer. A response would include an approval, a denial, or a request for further information. If the servicer decides not to approve a short sale, or fails to respond to the seller's, seller's agent's, or authorized third party's offer within 60 days, any deposit made by the buyer in connection with the purchase of the property shall be refunded in its entirety and the potential purchaser shall have no further obligation with respect to the sale or other disposition of the property. |
| Administration of Civil and Criminal Justice / N.J. Stat. Ann. §2A:50-70(a) | Tenant Rights | A person who takes title, as a result of a sheriff's sale or deed in lieu of foreclosure, to a residential property containing 1 or more dwelling units occupied by residential tenants, must provide notice to the tenants, in both English and Spanish, no later than 10 business days after the transfer of title. |