If My Home is Sold at a Sheriff Sale in New Jersey Can I Get it Back?
Table of Content
One thing we hear very often from homeowners is whether or not they should sell their house before the scheduled sheriff sale. The lender or holder of the mortgage is required to send notice to the homeowner by certified or registered mail at least 10 days before the sale takes place. This is to make sure that the homeowner is completely aware of the timing of the sale and has been given an opportunity to explore their options before the sale actually occurs. In New Jersey you may reinstate your mortgage loan by curing the default anytime up until the entry of a final judgment. Your home can also be redeemed before the Sheriff Sale by paying the full amount of the mortgage debt. Other alternatives to stopping foreclosure and getting your back before the Sheriff Sale include Chapter 13 bankruptcy and loan modification.
Furthermore, such a sale in New Jersey is subject to any local, state or federal liens. Given the possible existence of these liens or other liens, a title search is typically run prior to bidding to determine the manner and extent to which the property is encumbered by liens. To conclude the Sheriff sale process in New Jersey, a successful bidder is determined. They need to pay a deposit amount of 20% of the successful bid to conclude the sale. After the redemption period, if the former owner has neither redeemed nor successfully objected to the sale, the sheriff’s sale deed is prepared. Finally the balance owed with regards to the closing bid is to be paid on or before the thirtieth day from the date of the sale deed.
After the sale
Call the day before the sale to be sure that the auction is still being held as planned. Arrive early to the sheriff's sale, and pay close attention. You don’t need to continue to suffer under the stress and challenges that financial difficulties cause. Call us to discuss your options for filing bankruptcy in NJ or how we can help you save your home with a strategic foreclosure defense.
There may be land use problems with a property such as zoning or environmental issues like petroleum contamination or toxic waste. A clue to avoiding a problem property is when the lender’s representative fails to appear or bid on the property. Inheritance Receiving property upon the death of someone else, which may include land property, houses or money. To provide aggressive, cost-effective legal services to our clients in a professional, courteous and prompt manner. To discuss these options to save your home, please schedule a free consultation with one of our experienced Real Estate attorneys at Gruber, Colabella, Liuzza and Thompson. The foreclosure process is complicated and time consuming, especially for someone who isn’t familiar with foreclosures.
Buying Foreclosed Properties at the Sheriff’s Sale
If you aren’t sure how to Answer the Complaint, the attorneys at Denbeaux Law may be able to help. Schedule a free, no-obligation consultation with one of our lawyers today by filling out this form or calling us. The bank is also given two opportunities to adjourn, and they will often take these opportunities to give themselves time to prepare for the sale. One more adjournment will be given out to the parties without cause if they are both in agreement as to its necessity. DUI/DWI Defense Driving under the influence is one of the most serious traffic offenses. If you’ve been pulled over for DUI/DWI, contact one of our attorneys.
From this number, subtract the costs you will incur while holding the property . Subtract from this the closing costs you will incur when you sell the property, including a broker’s commission if you intend to sell your property through a broker. Locate any other liens or judgments and subtract those amounts from your previous figure. Paying off the liens at a discount is one way to increase your profits, assuming you are the successful bidder. With an experienced NJ foreclosure attorney, you can go through the process with ease and know that they have your best interests in mind. Set up a free consultation today and find out how Joshua Denbeaux may be able to help find the best solution for stopping a sheriff’s sale based on your unique situation.
How the sales work
A sheriff’s sale is a type of public auction where interested buyers can bid on foreclosed properties. In a sheriff’s sale, the initial owner of a property is unable to make theirmortgage payments and legal possession of the property is regained by the lender. The lender will then attempt to sell it to recover some, if not all, of the outstanding mortgage balance. Once your property is sold at Sheriff Sale, you have 10 days to redeem the property. This 10-day period allows a homeowner to arrange to keep the property by refinancing or selling it and paying what in full what is owed plus costs.
The most important concern perhaps is the possibility of other liens or judgments. As the successful bidder, you replace the homeowner’s position in the property. Any problems clouding the title are your problems now.This includes other mortgages, mechanics’ liens and taxes. The large cash outlay required to buy foreclosed property at the Sheriff’s Sale is the biggest deterrent for most buyers. Certified checks and sometimes cash will be required to bid on properties. A sheriff’s sale comes at the end of the foreclosure process when the defaulting homeowner can’t repair his financial problems with the lender.
You might be responsible for paying any of these liens that were not wiped out during the foreclosure court proceedings. You’ll want to find out if there are any liens against the property at either the state or federal level. It can be a judgment lien placed by another of the homeowner’s creditors. You can go to a couple of places to view a list of the properties that will be auctioned off at the next sheriff’s sale. Many sheriff’s offices have websites where you can view the upcoming sales online. You can also get a list of the properties to be auctioned off by physically going to your local sheriff’s office.
Contact our foreclosure defense attorneys at Denbeaux & Denbeaux for a free consultation before it may be too late to save your home. Generally speaking, approximately 60 days after the sheriff sale you will receive a final notice with a date set for eviction. The court may extend this period, but only if you can demonstrate that moving out sooner presents a unique hardship that cannot otherwise be overcome. The first publication must be at least 21 days before the sale, and the last one must be at least one day and not more than eight days before the sale. Again, this will depend on the rules set for each individual sheriff's sale, but you must usually close within 30 days of successfully bidding on the property and submitting your down payment.
The proceeds from the sale are used to pay mortgage lenders, banks, tax collectors, and others who have lost money on the property due to lack of payment by the original owner. Sheriff’s sales occur at the end of the foreclosure process and can also take place to satisfy judgments or tax liens. A sheriff's sale is a type of public auction where interested buyers can bid on foreclosed properties.
It could seem like selling is the best option, but it’s nice to know that it isn’t the only option you have. Anyone looking for more time before a sheriff’s sale takes place should consult with an experienced attorney immediately to discuss their available options. The holder of the first mortgage will receive all proceeds until they’re debt is paid in full, with the remainder going to holders of second mortgages like home equity loans. If there is a surplus after all lenders have been paid it will go to the homeowner.
Again, this will depend on the rules set for each individual sheriff’s sale, but you must usually close within 30 days of successfully bidding on the property and submitting your down payment. The sheriff sale auction begins as the bank’s attorney initiates the bidding process with a hundred dollar bid. Then the bidding process continues until the highest bidder is finalized. If the successful bidder is anyone other than the plaintiff/creditor’s counsel, the counsel can keep bidding until the amount owed on the first mortgage plus fees and costs, is reached.
Buying foreclosed property at a sheriff’s sale or buying foreclosed property at a sheriff’s sale is one way to get a great deal on an investment property. There are several rules for this type of sale and understanding them can help you make an educated – and perhaps lucrative – purchase. All sheriff’s sales for real property are advertised on Fridays in the legal section of theDaily Recordfor four consecutive weeks prior to the initial date of sale. Sales are also advertised for four consecutive weeks in a second newspaper that serves the area in which the subject property is located. You can go to the courthouse and observe the process as often as you like before going to bid on your foreclosed property. It’s certainly a good idea to familiarize yourself with the auction process.
Your Rights
If the full bid deposit is not given at the time of the sale, an announcement voiding the sale will be made at the sheriff’s sale and we will immediately proceed to sell the property again. After the required notice is given, the Sheriff sale process in New Jersey begins at the time and place set forth in the notice. The sale generally takes place at the Office of the Sheriff. As explained earlier, the sale is subject to any mortgages and municipal, state or federal liens on the property.
Comments
Post a Comment