When must a New Jersey resident leave the house after a Sheriff’s sale.
The length of a mortgage foreclosure action in New Jersey is extremely lengthy. A person is permitted to reside in the house until the entire foreclosure action is completed.
Typically, if the balance due on the loan is more than the fair market value of the property, the house will not be sold at sheriff’s sale and the mortgage company will take back the property. This means that the county sheriff’s office will convey the property to the mortgage company by creating a deed that puts the real estate in the name of the mortgage company.
If the homeowner or renter has vacated the property at the time of the sale, than the mortgage company forwards the documents to the county sheriff, who insures that the property is vacant. However, if the homeowner or renter continues to possess the property, after the sheriff’s sale, the mortgage company must submit a writ of eviction to the court, which is entered and returned to their lawyers. Thereafter, their attorneys forward the writ to the county sheriff, who ultimately schedules the eviction with a date and notice. The approximate time from the sheriff’s sale to the eviction takes approximately 2 to 3 months, depending on the county and work load.
Please do not rely on the information in this blog. If you are in a similar situation, I strongly advise that you seek the counsel of an experienced attorney.
The Law Offices of Robert Manchel handles foreclosure resolution matters and bankruptcy in New Jersey. You may contact the office at 866 535 5655.