New Jersey Statutes 2A:50-1. No personal deficiency judgment in foreclosure actions or execution thereon for balance due
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Terms Used In New Jersey Statutes 2A:50-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Plaintiff: The person who files the complaint in a civil lawsuit.
No judgment shall be rendered in any action to foreclose a mortgage for any balance which may be due plaintiff over and above the proceeds of the sale of the mortgaged property, and no execution shall issue therein for the collection of any such balance.