How To Delay A NJ Foreclosure Sale EVERY Time
Q: Gerald, I’m in the process of buying a short sale in Jersey but there’s a foreclosure sheriff sale coming up this month and the bank claims there isn’t enough time to process the paperwork. What can I do? Marjorie, Kenilworth, NJ
A: Great question, Marjorie. I’ve successfully negotiated hundreds of real estate short sales in my investing career and what a lot of people don’t know is that under New Jersey Statute, a Sheriff’s sale of a foreclosure property can be adjourned (which means postponed) twice by the Sheriff at the request of the homeowner for any reason. Once the two “free” adjournments have been exhausted, the homeowner may apply to the Court by Motion for further adjournments but the point is that 2 adjournments are automatic, so at a minimum that’ll give you at least another month or so to process the paperwork for the short sale.
Thanks for your question, Marjorie. Good luck!
For more real estate tips and information visit my blog at geraldlucas.com.