New Jersey § 2a:50-2

§ 2a:50-2.

This act shall not apply to proceedings to collect a debt evidenced by a note and

secured by a mortgage on real property in the following instances: a. Where the debt secured is for a business or commercial purpose other than a two-family,

three-family or four-family residence in which the owner or his immediate family resides; b. Where the mortgaged property is other than a one-family, two-family, three-family

or four-family dwelling in which the owner or his immediate family resides at the

time of institution of proceedings to collect the debt; c. Where a banking institution, savings and loan association or building and loan

association, operating pursuant to State or Federal law, is the lender or his assignee

and the mortgage is not the primary security for the debt, as evidenced by (1) the

financial condition of one or more persons directly or indirectly liable on the note,

or (2) the giving of collateral in addition to the mortgage as security for the debt; d. Where a banking institution, savings and loan association, building and loan association

or licensed secondary mortgage lender, operating pursuant to State or Federal law,

is the lender, and the mortgage is given to secure payment of a loan evidenced by

a note, and where the mortgage so given is subject to the lien or liens of a prior

mortgage or mortgages not held by such institution or association or by any holder

in which such institution or association has an interest or with which such institution

or association has an affiliation.