Are you facing foreclosure? If so, you’re not alone, it’s more common in New Jersey than many realize. In fact, we have more active foreclosure cases than any other state in the U.S. It’s a sad reality, and a big part of it is the legal procedures in place.
If your house has gone into foreclosure and is being sold by the sheriff’s office, you may have heard several legal terms being used. Many of the terms are confusing, and one of the most frustrating terms to hear is “adjournment”.
To simplify it, an adjournment is when a sheriff’s sale of a foreclosed home has been postponed. It’s pretty common and is sometimes requested by the homeowner. But when the adjournment is requested by the lender, it can be frustrating for the debtor because it can drag out the foreclosure process.
Each adjournment can take up to 30 days, which means a sale could end up taking months longer than originally planned. Fortunately, a new law was passed in 2019 that ensures there is only a maximum of five adjournments during a sheriff sale.
3 Types of Foreclosure Adjournments in New Jersey
- Requested by the lender (Two possible, can’t exceed 30 days each)
- Requested by the debtor (Two possible, can’t exceed 30 days each)
- Requested by both the debtor and lender (One possible, can’t exceed 30 days)
These three categories of adjournments (five adjournments total) are possible. In a scenario where all five adjournments are used, you’re looking at a sheriff sale of your home taking nearly half a year. Foreclosure is a long, tedious process. For this reason, it’s important that you have an attorney helping you along the way who’s experienced in bankruptcy and debt relief.
Experienced Bankruptcy and Real Estate Lawyer Assisting You Through Foreclosure and Short Sales Processes
If you’ve been missing payments for a while on your mortgage, your lender will eventually move to foreclose on your house as a means of recovering some of the money loaned. New Jersey is a judicial foreclosure state, meaning that the entire foreclosure process must go through the court system.
An experienced bankruptcy attorney can advise you about whether fighting a foreclosure is in your best interest, or if you may be able to avoid foreclosure by filing for bankruptcy or via a short sale. Because Joel R. Spivack, Esq. has extensive experience with debt relief, consumer bankruptcy, and residential real estate laws, he may be able to contest the foreclosure of your property. At the very least, he may be able to negotiate with your lenders through a loan modification or stave off foreclosure for a period of time to allow you to get back on your feet financially.
Mr. Spivack will be able to determine your best course of action. If you opt to allow your lender to foreclose, an experienced attorney will be able to guide you through the process to protect your interests and get you the best possible outcome.
Contact the Law Office of Joel R. Spivack today for a consultation, so we can discuss your specific situation and advise you on your best course of action. Our Cherry Hill, NJ office is open during business hours Monday through Friday. Call 856-488-1200 to speak with a knowledgeable South Jersey attorney today.
Mr. Spivack works with clients throughout Camden, Gloucester, and Burlington counties. Because he is a local attorney, he is familiar with the Trenton and Camden courts and Judges.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.