JUDICIAL FORECLOSURE ALTERNMATIVE
The New Jersey "Fair Foreclosure Act", N.J.S. 2A:50-53 et seq. provides an alternative to judicial foreclosure. First, it provides certain mortgagors with a right to cure some defaults. N.J.S.2A:50-57. In N.J.S.2A:50-63 there is an alternative to judicial foreclosure if the mortgagor has no equity in the proiperty and the mortgage debtor has abandoned property emcumbered by a residential mortgage or voluntarily surrendered the property. The process is somewhat complicated and the reader should refer to the statute for further information.

STATUTORY REDEMPTION
In addition to the 10 day period which exists because the foreclosure sale is not final until the 10 days pass, there is another post sale redemption. If, after foreclosure, a deficiency judgment is obtained on the bond or note, this reopens the foreclosure and the defendant may, within 6 months from the judgment, redeem by paying the full foreclosure judgment, and interest, costs, carrying charges and repairs but is entitled to a credit for income received from the security. See N.J.S. 2A:50-4. However, if the defendant disputes the amount of the deficiency when it is sought per N.J.S. 2A:50-2, this terminates the right to rerdeem under N.J.S. 2A:50-4. See N.J.S. 2A:50-5.