SUMMARY 3 TYPES OF NEW JERSEY FORECLOSURES
SUMMARY ? 3 TYPES OF NEW JERSEY FORECLOSURES
TYPE A ? 6 YEARS FROM MATURITY DATE OR ACCELERATED MATURITY DATE
NJSA 12A:3-118. Statute of limitations
a. Except as provided in subsection e. [certificate of deposit] of this section, an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note or, if a due date is accelerated, within six years after the accelerated due date.
Effective Date ? January 10, 1995
TYPE B -- 36 YEARS FROM DATE OF MORTGAGE
NJSA 2A:50-56.1 Statute of limitations relative to residential mortgage foreclosures.
1.An action to foreclose a residential mortgage shall not be commenced following the earliest of:
TYPE C 20 YEARS FROM DEFAULT DATE WHEN NO ACCELERATION DATE
NJSA 2A:50-56.1 Statute of limitations relative to residential mortgage foreclosures.
1.An action to foreclose a residential mortgage shall not be commenced following the earliest of:
NJSA 2A:50-56.1 Statute of limitations relative to residential mortgage foreclosures.
1.An action to foreclose a residential mortgage shall not be commenced following the EARLIEST of:
b.Thirty-six years from the date of recording c.Twenty years from the date on which the of the mortgage, or, if the mortgage is not debtor defaulted, which default has not been
recorded, 36 years from the date of
cured, as to any of the obligations or
a. Six years from the date fixed for the making of the last payment or the
execution, so long as the mortgage itself does covenants contained in the mortgage or in
maturity date set forth in the mortgage or the note, bond, or other obligation not provide for a period of repayment in
the note, bond, or other obligation secured by
secured by the mortgage, whether the date is itself set forth or may be
excess of 30 years;
the mortgage, except that if the date to
calculated from information contained in the mortgage or note, bond, or other
perform any of the obligations or covenants
obligation, except that if the date fixed for the making of the last payment or Effective Date ? August 6, 2009
has been extended by a written instrument or
the maturity date has been extended by a written instrument, the action to
payment on account has been made, the
foreclose shall not be commenced after six years from the extended date under
action to foreclose shall not be commenced
the terms of the written instrument;
after 20 years from the date on which the
Effective August 6, 2009
default or payment on account thereof occurred under the terms of the written
NOTE: Advance notice of acceleration of maturity required by NJSA 2A:50-56(a)
instrument. Effective Date ? August 6, 2009
CHART PREPARED BY CAROLYN BAILEY FEBRUARY 11, 2015.
NOTE: This is the codification of Mahler decision when the maturity date has not been accelerated.
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