N.J. Stat. § 2A:50-56.2
Response by servicers to offer relative to short sale
New Jersey · New Jersey Statutes Title 2A — Administration of Civil and Criminal Justice · Status: effective
Cite this
- Citation
- N.J. Stat. § 2A:50-56.2, Response by servicers to offer relative to short sale, New Jersey, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1432166
- Permanent ID
ys:prov:1432166@1- SHA-256
7f1936972bf027f5fa51d8ddc0e9a260c8d50801854b81b9e71a67bbe2c8ea8d
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
2. a. A servicer shall respond to a good faith offer from a seller, seller's agent, or authorized third party to purchase the property through a short sale within 60 days of the date of the offer. A response would include an approval, a denial, or a request for further information. If the servicer decides not to approve a short sale, or fails to respond to the seller's, seller's agent's, or authorized third party's offer within 60 days, any deposit made by the buyer in connection with the purchase of the property shall be refunded in its entirety and the potential purchaser shall have no further obligation with respect to the sale or other disposition of the property.
b. Nothing in this section shall constitute a limitation on the ability of the servicer and debtor to participate in the New Jersey Judiciary's Foreclosure Mediation Program or any other form of mediation or settlement discussion, or enter into an agreement as a result of that mediation or settlement discussion.