Sheriff's sale and negotiating time to vacate property?

[Njgi]

We are losing our home in NJ. It's going to sheriffs sale next month. We knew this was coming and are prepared to move on. Housing prices have dropped dramatically in our area and I'm certain the mortgage company will have to buy back the property. Do you think it's possible that they would be willing to allow us to stay in the home until June? I'd like my kids to finish out the school year. Our realtor said the process usually takes 3-5 months but I'd like to avoid the whole eviction process if possible since we are willing to leave peacefully. Foreclosure looks bad enough on your credit but eviction is even worse when you are trying to rent a house. Is the eviction process something we can avoid or is it inevitable? If it's inevitable I suppose I should secure housing now before it hits my credit.

 

[quincy]

We are losing our home in NJ. It's going to sheriffs sale next month. We knew this was coming and are prepared to move on. Housing prices have dropped dramatically in our area and I'm certain the mortgage company will have to buy back the property. Do you think it's possible that they would be willing to allow us to stay in the home until June? I'd like my kids to finish out the school year. Our realtor said the process usually takes 3-5 months but I'd like to avoid the whole eviction process if possible since we are willing to leave peacefully. Foreclosure looks bad enough on your credit but eviction is even worse when you are trying to rent a house. Is the eviction process something we can avoid or is it inevitable? If it's inevitable I suppose I should secure housing now before it hits my credit.

You have a few options to consider if you want to stay in your home longer.

One option in New Jersey is to request a postponement of the sheriffs auction under New Jersey's Title 2a, section 2A:17-36: https://law.justia.com/codes/new-jersey/2016/title-2a/section-2a-17-36/

Under New Jersey law, if you have good reason to delay a sheriffs auction, you can request a delay of the foreclosure auction - twice. Each delay can buy you 14 days - giving you approximately one additional month in your home.

You could also file for bankruptcy. A bankruptcy filing can stay the auction.

You would probably benefit from speaking to a lawyer in your area, perhaps finding no-or-low cost services available at a legal aid clinic.

Good luck.

 

[adjusterjack]

I suppose I should secure housing now before it hits my credit.

That would be the smart thing to do.

You know what's coming. Get out while you still have control over what happens to you.

The day after the sheriff's sale is the day that you could be served with eviction papers. Once that happens, it's on record and you have no control over what happens next.

Get out while you have time.

 

[quincy]

I agree that securing new housing now is the most sensible option.