NJ Bankruptcy Law Firms

66 East Main Street, 3rd Floor
Little Falls, NJ 07424
NJ Bankruptcy Law Office Logo (Transparent) dictating Ralph A. Ferro Jr., Esq's Law Practice

Stop a Sheriff’s Sale

New Jersey Bankruptcy Lawyer!

With 30+ Years of Proven results!
"I personally meet with You and represent You!"
"I have never Lost a Chapter 7 Bankruptcy Case"
"Experience = Results"
About Ralph A. Ferro Bankruptcy Lawyer

Stop a Sheriff’s Sale

Stop a Sheriff's Sale

Written and Verified by Ralph A. Ferro, Jr., Esq.

The best mechanism to immediately stop a Sheriff’s sale is to contact me to avoid losing your property.

How to Stop a Sheriff's Sale?

Let’s examine some further information:

What is a Sheriff's Sale in NJ?

  • A Sheriff’s sale is a public auction at which property that has been repossessed is sold by court order in order to allow unpaid creditors to be paid the amount you owe them.
  • The money from the public auction is used to pay mortgage lenders, banks, tax collectors, and other creditors who have lost money on the property.

Home Foreclosure - Why Does This Happen?

  • You have not paid your lender.
  • Your mortgage payments are behind.
  • The lender would provide you with notices advising that your property will be foreclosed.
  • A Complaint seeking foreclosure is filed.
  • If you do nothing, a Sheriff’s Sale will be scheduled.
  • The homeowner is notified numerous times about the upcoming sale.
  • The County Sheriff’s Office lists sale dates on their websites and in public places, e.g., newspapers.
  • Call me to Stop a Foreclosure Sale.

What Happens at a Sheriff's Sale in NJ?

  • Public Auction – Anyone can participate in the auction.
  • If the price listed for the sale is not achieved, the bank will normally buy the property for one dollar.
  • The bank or the successful bidder owns the house.

Key Takeaways

  • A Sheriff’s sale occurs when repossessed properties are sold or auctioned at the end of the foreclosure process.
  • At the auction, members of the public may bid on the seized property, often sold in as-is condition.
  • Sale proceeds pay back the mortgage lenders, banks, tax collectors, and other lienholders.
  • A Sheriff’s sale may occur to satisfy a court order on a lienholder.
    • For Example, if you have a judgment against a person, you can obtain approval from the Court to seize their property for the amount you are owed.
    • The Sheriff will auction off the property and use the proceeds to satisfy the judgment.

Basics of what has to happen for a Sheriff’s sale related to mortgages and foreclosure.

What is a Mortgage?

  • A mortgage is a debt instrument that is secured by a specific property called collateral.
  • The borrower must meet the obligation to repay the number of interest and principal payments agreed to in the loan contract.
  • Mortgages are taken out so that the home buyer can purchase the home and leverage a large portion of the cost of their home that they cannot pay upfront.
  • The loan is secured by collateral to the lending institution.
  • If there is a default on the mortgage, the lending institution has a claim on that property.

What is a Foreclosure?

  • A foreclosure is a legal action.
  • The property used as collateral in the mortgage is sold
  • Sale proceeds are used to satisfy the debt when the owner defaults on the mortgage payments.
  • Ownership is then passed to the holder of the mortgage or a third party that has now purchased the property at a foreclosure sale.

Adjournments can be obtained from the Court prior to a foreclosure to postpone the foreclosure.   I am a Board Certified Bankruptcy Attorney and I can help you stop a foreclosure.  The ABC which has Board Certified me in bankruptcy law provides a detailed explanation of the foreclosure process in NJ.

  • There are normally only 2 adjournments allowed:
    • 2 for the Debtor and 2 for the Lender.

Who Enforces a Foreclosure and Evictions?

  • Enforcement is carried out by local law enforcement (Sheriff’s office).
  • The Sheriff’s office is not interested in hanging onto a house, and banks don’t want to be in the landlord business.
  • Therefore, auctions are conducted quite rapidly after the foreclosure has wrapped up..

Property Tax Foreclosure from Unpaid Property Taxes

  • Liens are attached to the property.
  • The Lien holders have a lien on that property.
  • If these liens go unpaid, tax authorities can pursue this unpaid debt through the court system and foreclosure proceedings.
  • This is not considered a Sheriff’s sale but equally detrimental to the property owner.
  • Immediate action must be taken, or your property will be transferred to the lienholder, and you are no longer the owner.

After reading this blog, you should know that a Foreclosure, Property Tax Sale and a Sheriff’s sale have serious implications for your asset(s).  

If you do nothing, you will lose a valuable asset, and that will affect your future.

If your home is foreclosed, you will need to leave your home, or the Sheriff will enforce locking you out of your home.

Contact Me Today – Ralph A. Ferro, Jr. , Esq. Law Offices                               –(201) 446-5904

Please see my client reviews

I am here to help you to:

Stop a Sheriff’s sale – Contact me Today – I can help you.

We Provide Legal Help:

STOP Property Tax Sale

Sheriff Sale Help

Explain the Rules for Sheriff's Sales In NJ to You