Finance
A New Jersey homeowner who is 60 days delinquent on their mortgage receives a 'notice of intention to foreclose' under NJ's Fair Foreclosure Act. This notice:
AImmediately initiates the foreclosure lawsuit
BMust be served at least 30 days before filing a foreclosure complaint, giving the borrower notice of the default and their rights✓ Correct
CTransfers title to the lender automatically
DTriggers an automatic 180-day cure period
Explanation
NJ's Fair Foreclosure Act requires lenders to serve homeowners with a Notice of Intention to Foreclose at least 30 days before filing a foreclosure complaint. The notice must inform borrowers of the default amount, their right to cure, and available resources. This provides an important opportunity to resolve the default.
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