New Jersey § 52:27D-378 Default

New Jersey Statutes

§ 52:27D-378 — Default

New Jersey § 52:27D-378

Title 52STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

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Bluebook

N.J. Stat. Ann. § 52:27D-378 (2026).

Text

In the event of any default in connection with the terms and provisions of any contract to which the corporation and a residential borrower are party, the corporation shall not take any steps it may otherwise be entitled to take, until it has first notified the residential borrower and provided a reasonable opportunity, in light of the nature of the default and the available means to correct it to cure the same; but in any case shall allow not less than 30 days for that purpose. After this time, the corporation may institute any action or proceeding against any residential borrower who is in default on a housing rehabilitation loan in any court of competent jurisdiction. L. 1987, c. 50, s. 13.

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In the event of any default in connection with the terms and provisions of any contract to which the corporation and a residential borrower are party, the corporation shall not take any steps it may otherwise be entitled to take, until it has first notified the residential borrower and provided a reasonable opportunity, in light of the nature of the default and the available means to correct it to cure the same; but in any case shall allow not less than 30 days for that purpose. After this time, the corporation may institute any action or proceeding against any residential borrower who is in default on a housing rehabilitation loan in any court of competent jurisdiction. L. 1987, c. 50, s. 13.