The right of redemption allows you to get back your home after a sheriff sale.
Foreclosures in New Jersey are judicial which means that the lender must file a lawsuit to foreclose on your home. If your home has recently been sold at a Sheriff Sale in New Jersey you may be wondering if you can still keep your house.
Your last opportunity to save your home is through redemption. Once your property is sold at Sheriff Sale, you have only 10 days to redeem the property and take back ownership. This 10-day period allows a homeowner to arrange to keep the property and paying what is owed in full plus the costs. If you do not redeem the property within 10 days, the proceeds from the sale are paid to the mortgage lender, and any other lienholders, with any excess paid to the homeowner. If the house sells for less than the mortgage balance, which is often the case, the lender may have the right to sue the homeowner for the deficiency, although this rarely occurs.
When You Can Redeem Your Home After a New Jersey Foreclosure
Foreclosures in New Jersey are judicial, which means the lender files a lawsuit in court to foreclose your home. After the foreclosure sale, the New Jersey Court Rules provide a 10-day period during which the homeowner may file a motion objecting to the sale. After the 10-day period, the court must confirm the sale to finalize it.
The New Jersey Supreme Court has determined that foreclosed homeowners get the right to redeem:
- within the 10-day period after the sale, and
- up until the court issues an order confirming the sale if objections are filed under the rule.
Bankruptcy Extends the Right of Redemption
A Chapter 13 Bankruptcy filed before the expiration of the 10 day redemption period will extend the right of redemption for an additional 60 days.
Other Options to Get Your Home Back Before the Sale
In New Jersey you may reinstate your mortgage loan by curing the default anytime up until the entry of a final judgment. Your home can also be redeemed before the Sheriff Sale by paying the full amount of the mortgage debt. Other alternatives to foreclosure which can be pursued include 13 bankruptcy and loan modification.
We Can Help You Take Back Your Home
If you home was sold at a New Jersey Sheriff Sale and you are interested in redeeming it either through the 10-day redemption period or by extending that period with a Chapter 13 bankruptcy you must contact an experienced foreclosure defense attorney TODAY! You must take action now because before your chance to redeem your home is gone. Call our Levitt & Slafkes (973) 323-2953, or contact us online to schedule a free consultation.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years. The information on this website and blogs is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.