Terrance Emerson / stock.adobe.com Taming the Dreaded New Six-Year Limitation Period for Residential Mortgage Foreclosure
The new six-year statute of limitations, applicable under the Fair Foreclosure Act, is a game changer. The six-year period applies to residential mortgages executed on or after April 29, 2019, and runs from the date on which the debtor defaulted. But fear not; its bark is much worse than its bite.
April 21, 2021 at 02:00 PM
10 minute read
The new six-year statute of limitations under amended subsection N.J.S.A. 2A:50-56.1c, applicable to residential mortgage foreclosures under the Fair Foreclosure Act, is a game changer. The six-year period, applicable to residential mortgages executed on or after April 29, 2019, runs from the date on which the debtor defaulted. It reduces the limitation period under N.J.S.A. 2A:50-56.1c from 20 years to six years and ostensibly raises the specter of a mortgagor getting a "free house" if foreclosure is barred by the statute.
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