What is a Sheriff's Sale. How does it work in New Jersey?


Answer


In New Jersey, a Sheriff’s Sale effectively marks the end of the foreclosure process, as a Sheriff’s Sale, if successful, results in the sale of a borrower’s former property to an uninterested third party. This is achieved by way of an auction sale of real property conducted by the county sheriff following the successful prosecution of a foreclosure action by a lender. Specifically, the sheriff holds such property pursuant to a court order to seize and sell the property to satisfy a foreclosure judgment, after notice to the public.

Under New Jersey law a Sheriff’s Sale takes place only after the entry of a Final Judgment in a foreclosure case. After the entry of such Final Judgment, a Writ of Execution is issued and sent to the sheriff who in turn is charged with scheduling a sale. The sheriff is required to schedule a sale within 120 days the sheriff’s receipt of the Writ of Execution.

If you are interested in learning more about New Jersey sheriff’s sales, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.


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