We live in New Jersey and owe about $40,000 more than we would be able to sell our house. It's...
been on the market for 9 months and has only been showed a handful of times. We have bought and sold 4 houses in the past, but now we have to move to a different area of NJ and our house is not going to sell for the amount we need. We are seriously considering renting a house in the area we need to be in and letting this home foreclose. We have always had perfect credit. We talked to Wells Fargo and they were less than helpful, actually put us in preforeclosure without even a late payment. Can you tell me if NJ laws allow the bank to claim anything but the house? And how long does it take , on
Yes, New Jersey law does allow the bank to go after more than just the house. They can get a deficiency judgment for the difference between the fair market value and the amount you owe. So if you owe $40,000 more than the house is worth, they can come after you for that. Also, if the house sells for less than the fair market value, they can get even more if you do not show up in court with proof of the fair market value.
You can read more about New Jersey foreclosure law at the link below, but you really need to talk to an experienced real estate lawyer before making a decision to let the house go into foreclosure.
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