When a property owner falls behind on their mortgage, the lender initiates a foreclosure proceeding. If the lender prevails by showing that the borrower cannot bring the mortgage current, the county sheriff could sell the property at auction.
If your home, commercial building, or investment property is in foreclosure, contact one of our New Jersey sheriff’s sale lawyers as soon as possible. An experienced foreclosure defense attorney can delay the sale to get you more time to prepare to vacate the property or possibly make arrangements to keep your home.
Homeowners must get adequate notice of a sheriff’s sale. The mortgagor must notify you of the sale by certified mail at least ten days prior. In addition, the sheriff must publish a notice of the sale for four consecutive weeks, starting at least 21 days prior. In many cases, the sheriff must post a notice of the sale on the property.
New Jersey law allows a homeowner up to two adjournments of the sale, for 28 days each. You must request an adjournment in person at the appropriate sheriff’s office and pay a small fee. The mortgage lender is also entitled to two adjournments. If you and the lender agree, the sheriff can grant a fifth adjournment.
Adjournments allow you more time to either sell the home or arrange to bring their mortgage payments current. A New Jersey attorney can ensure that you take full advantage of the time allowed by law to avoid a sheriff’s sale.
Bankruptcy protection can spare a debtor from losing their home. Filing Chapter 13 bankruptcy stays any collection actions on the part of your creditors, including foreclosure proceedings and a sheriff’s sale. If you can get a loan modification to bring your payments current over three to five years, you could permanently save your home.
A sheriff’s sale attorney can discuss the various bankruptcy options and help you choose the one that best suits your needs.
When a property sells at a sheriff’s sale, the owner has ten days to redeem the property. Redemption requires the owner to pay the amount owed to the mortgagor in full, along with any other liens and costs. A homeowner could also try to vacate the sale. The law provides several grounds for a court to vacate a sheriff’s sale, including situations in which a homeowner:
If you can prove irregularities during the sheriff’s sale, these might also be grounds to vacate it.
If the court does not vacate the sale, the winning bidder is the home’s new owner and could apply for a warrant to evict the previous homeowner. It typically takes four to six weeks for the new owner to get a warrant. If you can show that leaving the home on the date set would produce a unique hardship, our New Jersey attorney could petition a court to extend the time before the new homeowner takes possession of the home.
The threat of foreclosure on your home is a devastating event and you might feel like you have no options. The advocates at Gillman, Bruton & Capone are here for you and can come up with a plan that prevents this from happening.
Our New Jersey sheriff’s sale lawyers have worked with many people in your situation and, in many cases, have managed to save their home. Call us as soon as possible for a free case evaluation.