# N.J. Stat. § 2A:50-3: Answer disputing amount of deficiency; determination of amount

> New Jersey · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-3

## Section

- **Citation:** N.J. Stat. § 2A:50-3
- **Heading:** Answer disputing amount of deficiency; determination of amount
- **Jurisdiction:** New Jersey
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** NJ Code / Title 2A / Chapter 50 / Section 50-3

## Text

The obligor in any bond or note specified in section 2A:50-2 of this Title, with respect to any bond given after March 29, 1933, and with respect to any note given after the effective date of this amendatory act may file an answer in the action for deficiency, disputing the amount of the deficiency sued for. In that event both parties may introduce evidence as to the fair market value of the mortgaged premises at the time of the sale thereof in the foreclosure action, and the court, with or without a jury, shall determine the amount of such deficiency, by deducting from the debt secured the amount determined as the fair market value of the premises. If all parties to the action shall so agree, the court may accept as the fair market value of the mortgaged premises the value fixed by three appraisers, to be named by agreement of all the parties to the action, which agreement shall be evidenced by a stipulation to be filed in the action. Amended by L.1979, c. 286, s. 2.

## Nearby sections

- [N.J. Stat. § 2A:50-1 No personal deficiency judgment in foreclosure actions or execution thereon for balance due](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-1.md)
- [N.J. Stat. § 2A:50-2 Order of proceedings; foreclosure; action on bond; limitations; parties](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.md)
- [N.J. Stat. § 2A:50-2.1 Time for bringing action on note for deficiency](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.1.md)
- [N.J. Stat. § 2A:50-2.2 Agreement to waive rights; invalidity](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.2.md)
- [N.J. Stat. § 2A:50-2.3 Application of act](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.3.md)
- [N.J. Stat. § 2A:50-2.4 Severability](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.4.md)
- [N.J. Stat. § 2A:50-3 Answer disputing amount of deficiency; determination of amount](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-3.md)
- [N.J. Stat. § 2A:50-4 Judgment in action on bond as opening foreclosure and sale; right of redemption; time for bringing action to redeem](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-4.md)
- [N.J. Stat. § 2A:50-5 Answer in action on bond disputing amount of deficiency as termination of right to redeem; foreclosure and sale not to be opened](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-5.md)
- [N.J. Stat. § 2A:50-6 Bonds; notice of proposed judgment by confession or action on](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-6.md)
- [N.J. Stat. § 2A:50-7 Record of notice of proposed judgment by confession or action on bond; fees](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-7.md)
- [N.J. Stat. § 2A:50-8 Action on bond where lien or mortgage has been extinguished by foreclosure of prior mortgage](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-8.md)
- [N.J. Stat. § 2A:50-9 Judgment on bond not to open foreclosure and sale; right of redemption](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-9.md)
- [N.J. Stat. § 2A:50-10 Record of notice](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-10.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-3. Check the current official text before relying on it. Not legal advice.