Friscia & Associates LLC Attorneys-at-Law
Question:
What is a sheriff's sale? How does it work in NJ?
Answer:
In New Jersey, a Sheriff’s Sale effectively marks the end of the foreclosure process, as a Sheriff’s Sale, if successful, results in the sale of a borrower’s former property to an uninterested third party. This is achieved by way of an auction sale of real property conducted by the county sheriff following the successful prosecution of a foreclosure action by a lender. Specifically, the sheriff holds such property pursuant to a court order to seize and sell the property to satisfy a foreclosure judgment, after notice to the public.
Under New Jersey law a Sheriff’s Sale takes place only after the entry of a Final Judgment in a foreclosure case. After the entry of such Final Judgment, a Writ of Execution is issued and sent to the sheriff who in turn is charged with scheduling a sale. The sheriff is required to schedule a sale within 120 days the sheriff's receipt of the Writ of Execution.
If you have received a Notice of Intent to Foreclose or if you have any related questions call (212) 960-8308 or (973) 500-8024 now, or submit your contact information by clicking here and we will contact you directly.
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What is a sheriff's sale? How does it work in NJ?
Answer:
In New Jersey, a Sheriff’s Sale effectively marks the end of the foreclosure process, as a Sheriff’s Sale, if successful, results in the sale of a borrower’s former property to an uninterested third party. This is achieved by way of an auction sale of real property conducted by the county sheriff following the successful prosecution of a foreclosure action by a lender. Specifically, the sheriff holds such property pursuant to a court order to seize and sell the property to satisfy a foreclosure judgment, after notice to the public.
Under New Jersey law a Sheriff’s Sale takes place only after the entry of a Final Judgment in a foreclosure case. After the entry of such Final Judgment, a Writ of Execution is issued and sent to the sheriff who in turn is charged with scheduling a sale. The sheriff is required to schedule a sale within 120 days the sheriff's receipt of the Writ of Execution.
If you have received a Notice of Intent to Foreclose or if you have any related questions call (212) 960-8308 or (973) 500-8024 now, or submit your contact information by clicking here and we will contact you directly.
Related Questions: