Q: As a mortgagee what is the procedure to fully execute a deed in lieu of foreclosure when the mortgagor is in default?
This is in regards to a commercial mortgage held in New Jersey. I'd also like to know how long this process takes and how much time the mortgagor has to fight it/draw out any proceedings.
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A: Mortgage foreclosure is a very technical area of law. It requires a lender who forecloses on a property to follow very strict procedures. If you do not retain mortgage foreclosure counsel, you will probably not be able to successfully foreclose.If the borrower retains experienced mortgage foreclosure defense counsel, it can be dragged out for a couple of years easily. Pick the best lawyer you can find and remember one rule: a good lawyer is generally never cheap, and a cheap lawyer is generally never good so don't choose based on price.
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