A foreclosure action in New Jersey, at present, takes approximately 8 months from the time the foreclosure action is filed with the court, until the sheriff’s sale. The 8 months time frame assumes that the foreclosure action was recently filed or will be filed in the future, as the previously filed actions may take years.
A homeowner is permitted to reside in the property, without making payments, until the sheriff demands that the residents vacate the property. After the sheriff’s sale, the residents must leave the property soon thereafter.
It is possible that the mortgage company will postpone the sheriff’s sale in the event that the homeowner is in the process of any of the following: loan modification; short sale; deed in lieu of foreclosure; or other similar application process. However, the New Jersey homeowner must not rely on the mortgage company requesting a postponement.
The homeowner may also postpone the sheriff’s sale by filing a bankruptcy case, which automatically stays all sheriff’s sales. A New Jersey chapter 7 will not save a property from the foreclosure action. However, the chapter 7 filing will postpone the sheriff’s sale. A New Jersey chapter 13 will postpone the sale and allow the homeowner to permanently save a house. Furthermore, each homeowner has the right to two separate two week adjournments of the sheriff’s sale.
The NJ. Lawyer, Robert Manchel, is available to discuss foreclosure issues at 866-503-5655.