Saving Your Home AFTER a Sheriff's Sale
Saving Your Home AFTER It is Foreclosed at a NJ Sheriff's Sale
Saving your home after you've lost it in a foreclosure sale may seem impossible. But, believe it or not, it can be done! There is something called the "equity of redemption" in New Jersey that requires the Sheriff to hold off on filing a deed transfer for 10 days and gives you that long to step back in and pay the bank off to save your home. The roots of this legal protection go back to preventing unwitting homeowners from losing their equity they'd built up if they got behind after years of pouring money into a mortgage; giving the bank an undeserved windfall. Because you have an "equity of redemption," you can make an emergency motion to the Court to extend your time to "redeem" or "buy back" your house from out of foreclosure for good cause shown. We have seen a lot of creative ways to buy back a foreclosed home or pull it out of the clutches of a 3rd Party Buyer who has swooped in like a vulture to steal your home out from under you. In those cases, a 3rd Party Buyer will normally put 20% down at sale and has about 30-days to come up with the rest. A well-timed and well-developed motion can be used to get your home back from their clutches. This is not for the faint of heart, and if you've waited this long to address the problem, you may be unprepared to execute on such an aggressive strategy.