In the state of New Jersey, there are a variety of ways to avoid a sheriff’s sale, including filing for bankruptcy and obtaining loan modification. But what exactly is a sheriff’s sale and what options are available to you? Read on to learn more. In the state of New Jersey, property owners facing foreclosure often try to resolve the situation through loan modification, but this can be very risky. The sheriff’s sale is an attempt to recoup the debt from the property that was used as collateral.
Before the sheriff’s sale can occur, the owner has a certain amount of time to seek adjournment. New Jersey previously had a 120-day window in which to sell a property. Until then, the owner remains in possession of the property. But once a sheriff sells a property, the owner is no longer the owner of the property. Fortunately, New Jersey’s new statute has changed this requirement. If you’re facing a sheriff’s sale, you should contact the county sheriff’s office to see what your options are.
Adjournment rights are important in the event that you are unable to complete the transaction on time. If you can’t meet the deadline, there are several ways to extend the time you have to complete the transaction. You can request a court adjournment if you can’t afford to wait. There are several ways to extend the time before a sheriff’s sale occurs. Fortunately, there are a number of options available to you and your lender.