Q: Is curing a default by the date in a notice of intention to foreclose letter in NJ using the once every 18 month renstmt
Is curing a default when a mortgage is in pre-foreclosure by the due date in a notice of intention to foreclose letter sent by the creditor to the mortgage debtor in New Jersey using up the once every 18 month reinstatement privilege New Jersey offers the mortgage debtor? Basically what I’m asking is this a pre-foreclosure opportunity to become current on the mortgage a separate opportunity to become current from the once every 18 month reinstatement privilege that is available once a foreclosure suit is actually filed in court in New Jersey? Basically what this question is trying to clarify is if that once every 18 month mortgage reinstatement privilege in New Jersey applies to a pre-foreclose default cure in New Jersey by a due date set forth in a notice of intention to foreclose letter sent by a mortgage creditor to a residential mortgage debtor in New Jersey.
A: Your question(s)/statements are confusing and not legally or factually accurate. It sounds like you are playing Russian Roulette with a house that you cannot really afford, and could probably end up losing. You need to retain an experienced mortgage foreclosure defense and bankruptcy attorney, so that you actually make some progress and don't find yourself with the same problem repeatedly.
A: Your question is a little hard to understand but let me try to answer what I think you are asking. First, under NJ foreclosure law, a mortgage company may not file a foreclosure complaint for at least 30 days after the Notice of Intent (NOI) is sent. So this gives you 30 days to cure before a complaint can be filed. After a foreclosure complaint is filed, you may cure mortgage arrears at any point up to entry of a final judgment by right under NJSA §2A:50-57. That provision does state that a "debtor may exercise the right to cure a default as to a particular mortgage and reinstate that mortgage only once every 18 months" with the time period beginning from the "date of cure and reinstatement". I am not aware of any case where a plaintiff has rejected a cure/reinstatement payment based on the argument that the debtor has cured more than once in the 18 month period. However, if you are a defendant in an active foreclosure, I would strongly recommend you consult with experienced counsel.
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