Voorhees, NJ asked in Consumer Law, Foreclosure, Real Estate Law and Collections for New Jersey

Q: in NJ, how long does junior lien holder have to sue after foreclosure by 1st position lienholder on RENTAL property?

I had a rental property that was sold at sheriff sale in NJ--foreclosed on by first mortgage co. I know that NJ statute N.J.S.A. 2A:50-8 says that the junior lien holder only has 1 year to sue or debt is time barred. However, does this statute only apply to property that was primary residence (otherwise known as residential) or does it apply to all mortgaged property? I need to know how long the 2nd lienholder has to sue me for this debt as far as statute of limitations is concerned. It has been over 2 years and I have not heard anything from them.

1 Lawyer Answer
Leonard R. Boyer
Leonard R. Boyer
  • Foreclosure Defense Lawyer
  • Clifton, NJ
  • Licensed in New Jersey

A: What you really need to be concerned about is filing a Chapter 7 Bankruptcy to wipe out any personal liability for your debts. You have been lucky so far, but don't push your luck. Chapter 7 Bankruptcy is not simply filling out forms. Trying to handle this matter yourself is not wise. You do not know the USBC, you do not know the local rules of Bankruptcy and if there was an adversary proceeding started against you, or an objection filed to your plan, you would be like a deer in the headlights. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced bankruptcy attorney.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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