For any homeowner, the prospect of foreclosure is a nightmare. You house is part of your American Dream, your biggest investment, and where your children sleep. Sadly, foreclosure happens a lot as people find themselves in circumstances where they are no longer able to keep up with their home payments. If you are having trouble paying your mortgage loan, or if foreclosure proceedings have already been initiated you may have questions about the foreclosure and eviction process.
Final Judgment and Writ of Execution
If the lender is successful at the end of foreclosure proceedings, it will obtain a final judgment approving the foreclosure and a “Writ of Execution”. This Writ must be presented to the Sheriff’s Office within a year and authorizes the Sheriff to sell the property in accordance with the court’s order. Once the Writ has been received, the Sheriff must schedule an auction for the property within 120 days. Notice of this sale must be published as well as physically posted at the property.
Eviction: Due Process
If the property sells at auction, then the Sheriff must deliver the deed to the property to the buyer when the buyer pays the full auction price. However, before the deed is delivered, the former homeowner has a ten-day window-called the Right of Redemption-to repay their entire outstanding obligation and retain their property. In the alternative, if the property fails to sell, then the lender will purchase the property.
Eviction is not automatic. In other words, the new buyer or bank cannot just come in and change the locks or hire some goons to force people off the property. Instead, people are entitled to due process when it comes to eviction from their foreclosed property.
Once a buyer or the lender purchases the property from the Sheriff, then the new owner of the property can seek a “Writ of Possession”, which legally entitles the buyer to physical possession of the property and to evict people currently living in the property. The Writ of Possession is effective for 90 days, which means that the eviction will be scheduled within that timeframe. The Sheriff must then properly notify the residents of the property of the date of eviction.
Eviction is not a pleasant process. It allows for residents to be physically removed from the premises. There are, however, legal steps that a person can take prior to eviction. This includes seeking bankruptcy relief, which comes with an automatic stay of an eviction pending the bankruptcy proceedings.
Let Us Help You Move Forward
Your home is important to you, and we want to fight for your legal rights and to protect you from losing your home to foreclosure proceedings. For decades, the attorneys at Levitt & Slafkes, P.C., have provided tough, smart representation to people facing foreclosure. We understand the intricacies of the law and how to effectively navigate the foreclosure process. You can contact our office at (973) 323-2953 to schedule a consultation, or you can reach us online.
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.