New Jersey § 2a:50-55

§ 2a:50-55.

As used in this act: “ Deed in lieu of foreclosure ” means a voluntary, knowing and uncoerced conveyance by the residential mortgage

debtor to the residential mortgage lender of all claim, interest and estate in the

property subject to the mortgage. In order for a conveyance to be voluntary, the debtor shall have received notice

of, and been fully apprised of the debtor's rights as specified in section 4 of this

act. 1 For purposes of this act, “voluntarily surrendered” has the same meaning as “deed

in lieu of foreclosure.” “ Immediate family ” means the debtor, the debtor's spouse, or the mother, father, sister, brother or

child of the debtor or debtor's spouse. “ Non-residential mortgage ” means a mortgage, security interest or the like which is not a residential mortgage. If a mortgage document includes separate tracts or properties, those portions of

the mortgage document covering the non-residential tracts or properties shall be a

non-residential mortgage. “ Obligation ” means a promissory note, bond or other similar evidence of a duty to pay. “ Office ” means the Office of Foreclosure within the Administrative Office of the Courts. “ Residential mortgage ” means a mortgage, security interest or the like, in which the security is a residential

property such as a house, real property or condominium, which is occupied, or is to

be occupied, by the debtor, who is a natural person, or a member of the debtor's immediate

family, as that person's residence. This act shall apply to all residential mortgages wherever made, which have as their

security such a residence in the State of New Jersey, provided that the real property

which is the subject of the mortgage shall not have more than four dwelling units,

one of which shall be, or is planned to be, occupied by the debtor or a member of

the debtor's immediate family as the debtor's or member's residence at the time the

loan is originated. “ Residential mortgage debtor ” or “ debtor ” means any person shown on the record of the residential mortgage lender as being

obligated to pay the obligation secured by the residential mortgage. “ Residential mortgage lender ” or “ lender ” means any person, corporation, or other entity which makes or holds a residential

mortgage, and any person, corporation or other entity to which such residential mortgage

is assigned. “ Servicer ” means the person, corporation or other entity responsible for servicing a residential

mortgage loan, including a residential mortgage lender who makes or holds a loan if

the lender also services the loan. “ Servicing ” means managing the mortgage loan account on a daily basis, including collecting

and crediting periodic loan payments, managing escrow accounts, or enforcing the terms

of the mortgage or note. “ Short sale ” means the sale of real property in which the lender or servicer agrees to release

the lien that is secured by a residential mortgage on the property upon receipt of

a lesser amount than is owed on the mortgage. 1

N.J.S.A. § 2A:50-56.