New Jersey Statutes 2A:50-59. Reinstatement of mortgage relationship
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Terms Used In New Jersey Statutes 2A:50-59
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
7. If a debtor is successful in curing the default under a repayment plan approved by the United States Bankruptcy Court, the residential mortgage relationship between the parties is reinstated, and the debtor is restored to the same position held before the default or acceleration.
L.1995,c.244,s.7.