2A:50-2. Order of proceedings; foreclosure; action on bond; limitations; parties
160 words·~1 min read·
/nj/title-2a/chapter-50/2a-50-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.