NJ Sheriff’s Sale Adjourned Twice: Am I Out of Options?

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In the State of New Jersey, if your home is in foreclosure, that means that you’ve fallen behind on your mortgage payments and your lender plans to repossess the property.

The foreclosure timeline can be lengthy in New Jersey due to the sheer number of foreclosures bogging the system down. However, your lender’s endgame is to sell your home at what is called a Sheriff’s Sale.

A Sheriff’s Sale is essentially a public sale or auction of property that was seized or repossessed in order to satisfy unpaid debts. If you have not been paying your mortgage payment, or you are in arrears, once your home moves through the foreclosure process, it will be sold so your lender can recover at least some of the money that it was owed.

In New Jersey, foreclosures must proceed through the legal system and must follow a set of procedures so that the homeowner is never caught unaware and blindly evicted. You will have received copies of your lender’s intent to foreclose, as well as a foreclosure complaint and summons.

If the Sheriff’s Sale is approaching and you have not taken the appropriate foreclosure defense actions and you want to keep your home, New Jersey allows homeowners to request adjournment of the sale. The adjournment, or postponement, will push the date of sale out for two weeks. You can request two of these adjournments as long as you provide a good reason for doing so. There is also a small fee for each adjournment.

Once you’ve used up your two adjournments, the court is obligated to follow New Jersey state law and proceed with the sale.

While it’s great that homeowners are given the last minute option of two Sheriff’s Sale adjournments, all totaled they only give you four extra weeks to figure out how you’re going to save your home. If you can’t bring your mortgage current in that amount of time, the sale will proceed after the adjournment period and you’ll still be forced to move.

A much better way to stop a New Jersey Sheriff’s Sale from proceeding is to meet with a NJ bankruptcy attorney as soon as you are notified of the pending foreclosure and sale. Filing for bankruptcy automatically stops your lender from moving any further in the foreclosure process. You will be able to stay in your home, breathe a sigh of relief, and work with your attorney without worrying about your adjournment(s) running out.

Even if you have already exhausted both of your adjournments and the Sheriff’s Sale of your home is scheduled for tomorrow – an emergency bankruptcy petition can still be an option for you. You’ll need to apply for a credit counseling class at least 24 hours before filing an emergency bankruptcy petition.

Veitengruber Law can help you file an emergency bankruptcy petition AND sign you up for the credit counseling course that will make everything stop in its tracks, giving us the time we need to formulate the best plan of action.

Bottom line: if you’re in foreclosure in New Jersey and want to keep your home, our experienced foreclosure defense team can help, even if your home is scheduled for Sheriff’s Sale tomorrow. Call us ASAP so we can help before it really is too late. (732) 852-7295

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