Asked by: Israr Dmitrochenko
business and finance real estate industry

How long do I have to move out after sheriff sale NJ?

Last Updated: 14th May, 2020

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Approximately 60 days after the sheriff sale, you will receive a final notice with a date set for eviction. If you can't move before that date, you can go to the sheriff's office and ask for a hearing where you can tell your story to the judge and ask for more time. You may get a couple of weeks or a couple of months.

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Simply so, how long after auction do I have to vacate?

about 30 to 45 days

Similarly, how does a sheriff's sale Work in NJ? Sheriff's Sales are voice bid auction sales (no sealed bids). The attorney for the plaintiff will start the bidding at $100. The bidding will continue until the highest price is reached. The highest bidder will be the purchaser.

Additionally, how long do you have to move out after a sheriff sale?

After a property is sold at a sheriff's sale, a foreclosure sale, there is a redemption period. For most properties it is a six month period. If the homeowner moves out and the property has been declared abandoned, the redemption period can be shortened to one month.

How many times can a sheriff sale be postponed in NJ?

In New Jersey, a Sheriff's sale of a foreclosure property can be adjourned (fancy for postponed) twice by the Sheriff at the request of the homeowner for any reason. Each of these adjournment shall be for not more than 14 days. The lender may request an adjournment as many times as it wants without reason.

Related Question Answers

Manole Greben

Professional

What happens when my house is auctioned off?

Typically, the lender starts the bid for the amount owed on the property plus any foreclosure fees. At the auction, the property goes to the highest bidder. After the bidding ends, the new homeowner gets the trustee's deed as proof of ownership to the property.

Haibo Ringger

Professional

Vitaly Chalovsky

Professional

What happens if a foreclosed home doesn't sell at auction?

If the property doesn't sell at auction, it becomes a real estate owned property (referred to as an REO or bank-owned property). When this happens, the lender becomes the owner. The lender will try to sell the property on its own, through a broker, or with the help of an REO asset manager.

Fileto Boer

Explainer

How do I find out how much my house sold for at auction?

A: You should be able to go to the public records department of your county (or city, perhaps) and ask to see the most recent deed for your address. It should have the amount on it. If it does not, there is probably another public record that does, possibly in the tax records.

Abdelwahad Zamoro

Explainer

Can I get my house back after auction?

Right of Redemption
In states that allow judicial foreclosures, where the courts get involved to settle the foreclosure issues, you can have up to a year after the auction to buy back your house. The state allows you up to a year following a judicial foreclosure to pay the auction price and buy back your home.

Sorangel Sachsinger

Explainer

What happens to tenants in a foreclosure?

Tenants do not make rent payments to the original landlord after the property is lost in a foreclosure sale. They are no longer your landlord because they no longer own the property. Payment must go to the new owner. If the landlord lacks the money to pay for utilities, they may also lack funds to pay the mortgage.

Aldric Olivi

Pundit

What do I do after foreclosure?

Your Options After the Foreclosure Sale
  1. Redeeming the Home. Some states permit a foreclosed homeowner to buy back the home within a certain period of time after the sale.
  2. Getting Help to Buy Back the Home.
  3. Live in the Home During the Redemption Period for Free.
  4. Remaining in the Home as a Tenant.
  5. Live in the Home Until You're Evicted.
  6. Getting a Cash for Keys Deal.

Nimra Schmidtel

Pundit

What happens when you buy an occupied foreclosure?

Purchasing Occupied Foreclosures In Today's Market. Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property in order to use the asset as collateral for the loan.

Feliks Lopez De Ayala

Pundit

What happens if a house doesn't sell at a sheriff's sale?

When a lender-foreclosed home doesn't sell at a sheriff's auction it normally becomes a 'real estate owned' (REO) property. In cases of failed sheriff's auction, foreclosing lenders may also try to auction their properties until they finally sell.

Arnaldo Gerke

Pundit

What is the difference between a foreclosure and a sheriff sale?

At a foreclosure auction, a lender is selling a property it repossessed, whereas in a sheriff sale, the property was repossessed by a lender through court-ordered means. California operates a system of non-judicial foreclosure which means the lender does not need a court order to seize and sell your home.

Luigina Moellerke

Pundit

How long can you stay in your house after foreclosure auction?

Many states allow for this under a process called “statutory redemption.” Under this rule, you have a limited amount of time to pay the foreclosure sale price (plus interest in many cases), and you are usually allowed stay in your home during the redemption period, whether it's 30 days or two years.

Xiaozhu Eberg

Teacher

What happens when you get a sheriff's sale notice?

When a property owner fails to make a certain number of consecutive mortgage payments, the lender begins the foreclosure process. Eventually notices of the sale arrive in the property owner's mailbox and appear in local newspapers. If the property owner doesn't bring the mortgage payments current, the sale proceeds.

Rossmery Errandonea

Teacher

Who will rent to me after foreclosure?

You can rent after foreclosure
Generally speaking, landlords are sympathetic to personal history and will be flexible with tenant requirements. If your income is sufficient and you come across as generally trustworthy, you will be able to rent after foreclosure.

Graeme Czichy

Teacher

How can I stop an eviction after foreclosure?

Another option to stop an eviction is to file for bankruptcy, which may postpone a foreclosure sale until the bankruptcy is finalized. This may give you time to work out a plan to bring your mortgage payments current with your lender.

Gianluca Lermontov

Teacher

How do I find out if a house sold at sheriff's sale?

You can usually find out the value of a sale by reviewing the court records of your case at your local courthouse. You may also find that information on the public records site for your local recorder of deeds office or the office that handles the filing of real estate documents where your home is located.

Damyan Baumhoer

Reviewer

How do you buy a house at a sheriff sale?

Follow these steps to ensure you research the properties thoroughly:
  1. Perform a title search.
  2. Locate properties.
  3. Evaluate the properties.
  4. Inspect the property.
  5. Calculate your profit potential.
  6. Determine your maximum bid amount.
  7. Phone ahead.
  8. Attend the auction.

Estephania Calvar

Reviewer

How long does it take for a house to go to sheriff sale?

Depending on the state, the home foreclosure process takes anywhere from about four months to several years. When a mortgage lender finally forecloses a home, it repossesses it and then sells it, either at an auction sale or directly to a buyer.

Ambra Quarel

Reviewer

Who gets the money from a sheriff sale?

A sheriff's sale is a public auction where a property is repossessed. The proceeds from the sale are used to pay mortgage lenders, banks, tax collectors, and other litigants. A sheriff sale occurs after foreclosure because the owners have defaulted on mortgage payments.