Foreclosure & Alternatives Law

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in New Jersey?

Yes, a lender may have the right to sue the borrower for any amounts owed on the original loan that are not satisfied by the foreclosure sale. The lender has three months from the date of the foreclosure sale to file a lawsuit for a deficiency judgment.