Q: I haven't paid my mortgage in over 5 years in NJ. Is there a statute of limitations for debt owed?
House is up for Sheriff Auction on 9/12/17
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A: There is no statue of limitations defense available to you at this point. Your only chance to save your home (provided that you have sufficient income) is a Complex Chapter 13 Bankruptcy and a loan modification through the Bankruptcy Court's mortgage modification program. But after 5 years of not paying a mortgage, do not expect low payments, if you are approved for a loan modification. Good luck.
Derek John Soltis agrees with this answer
A:
A home in NJ can be foreclosed for the note or the mortgage. The statute of limitations on the Note is 6 years and the mortgage is 20 years.
As already suggested, you may want to look into bankruptcy to stop the sheriff sale. You can also file for a 28-day stay of the sale with the sheriff. I suggest you sit down with an attorney to go over all of your options. Most attorneys will give a free consultation for bankruptcy and foreclosure defense.
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