Q: If a Final Judgement is granted in a NJ foreclosure, does the borrower still have the opportunity to enter into a short
sale? If yes, would the Final Judgement than be vacated? Thank you.
A: Doubtful. If the lender has already reduced the debt to judgment foreclosing all other interests in the house, all they have left to do is sell the house and determine the debtor's deficiency. They pay themselves and still have a debtor to answer for the deficiency. Until the sale, there may still be the chance for the debtor to redeem the property but to do that the debtor has to pay the debt it full together with court costs and attorney's fees and expenses of sale. Short sale is an agreement worked out with the lender. A sheriff's sale is essentially a short sale without the borrower's consent.
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