New Jersey § 2A:50-2 Order of proceedings;  foreclosure;  action on bond; limitations;   parties

New Jersey Statutes

§ 2A:50-2 — Order of proceedings; foreclosure; action on bond; limitations; parties

New Jersey § 2A:50-2

Title 2AADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE

This text of New Jersey § 2A:50-2 (Order of proceedings; foreclosure; action on bond; limitations; parties) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 2A:50-2 (2026).

Text

Except as otherwise provided, all proceedings to collect any debt secured by a mortgage on real property, shall be as follows: First, a foreclosure of the mortgage; and Second, an action on the bond or note for any deficiency, if, at the sale in the foreclosure proceeding, the mortgaged premises do not bring an amount sufficient to satisfy the debt, interest and costs. The action for any deficiency shall be commenced within 3 months from the date of the sale or, if confirmation is or was required, from the date of the confirmation of the sale of the mortgaged premises. In such action judgment shall be rendered and execution issued only for the balance due on the debt and interest and costs of the action. No action shall be instituted against any person answerable on the bond or note unless

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Except as otherwise provided, all proceedings to collect any debt secured by a mortgage on real property, shall be as follows: First, a foreclosure of the mortgage; and Second, an action on the bond or note for any deficiency, if, at the sale in the foreclosure proceeding, the mortgaged premises do not bring an amount sufficient to satisfy the debt, interest and costs. The action for any deficiency shall be commenced within 3 months from the date of the sale or, if confirmation is or was required, from the date of the confirmation of the sale of the mortgaged premises. In such action judgment shall be rendered and execution issued only for the balance due on the debt and interest and costs of the action. No action shall be instituted against any person answerable on the bond or note unless he has been made a party in the action to foreclose the mortgage. Amended by L.1979, c. 286, s. 1.