Question Details

Schwab Jones, Home Seller in Fort Lee, NJ

In NJ, what is estimated time for foreclosure after receiving a "notice of intent" to foreclose from bank?

Asked by Schwab Jones, Fort Lee, NJ Mon Sep 1, 2008

The first mortgagee has not sent notice, just called. The second mortgagee has sent the notice mentioned above. I was told by the first bank, that in this market the second mortgagees are often sending notices first.
I was also told by the first bank, to whom I owe most of the money to, that IF the second forecloses, the first has to then foreclose. Does anyone have first hand experience with this, and a time frame idea?? Thanks.

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