Foreclosure question
My sister's home was forclosed . She received a notice that it was final then a notice that it will be auctioned in a sherif sale this week. She never got a notice to vacate. We're just wondering if anyone has gone through this. When does she need to leave? Does someone come to the house or a notice in the mail? Just wondering ifsomeone has been through this and can give us a little information. Thanks in advance.
Stressed out So sorry for this situation happening! she should check the county sheriff sale site and see what the status is of the auction. I believe, though it could be incorrect, that you have to vacate after notice is served at the home but this may not be true anymore....but if you look it up on the county website it tells you all of the details.They do offer details on how you can get advice and help through it all
Such a stressful situation to endure. Wishing good luck to everyone and better times. It is not easy; been there...
peacful wishes I assume that the home is located in Morris County. This past Thursday at 2:00pm was the last sheriff's sale.
The next step is for the deed to be recorded at the county courthouse. That should take about 30 days.
Then the next step will be the Motion to Eject under N.J.S.A. 2A:35-1. That motion should take about 30 to 45 days.
So your sister has between 60 to 75 days before she needs to move out.
However, if your sister files a Motion in Chancery, it is possible that she can stay for a few months. But the judge may require that your sister pay rent to the mortgage servicer equivalent to the amount that was called for in the mortgage payment.
Additionally, your sister may want to move out earlier. If so, she should ask the law firm handling the foreclosure for "keys for cash". This way, she might be able to get a few thousand dollars.
Jonathan Stone A friend who lives in Essex County has had the notice served on "auction" for over 2 years. Possibly Essex is in more of "backlog" than Warren? or ? She is living out of boxes waiting for the knock on the door. I guess I would have moved and opted for less stress wondering when.....but she hasn't had rent/mortgage payment in over 7 + years -which makes those of us who pay rent/mortgage every month say WHAT???
SS2cats 
iJay I just went through this , in Sussex county. The Sheriff sale was in Sepember, I never received anything in the mail afterward . In the beginning of December a man showed up at my house saying that he represented the bank and wanted to know my intentions. I explained to him that we were waiting for a notice to vacate. He told to me about something called cash for keys, this is where your completely empty and broom sweep the house and leave no damage and the bank will pay you to leave. I researched it and it seemed legit, he told me that it would take a few weeks to get an offer from the bank, in reality it took about 5 weeks, so we were safe until after Christmas. The offer came in a tiered package, if we left in 2 weeks we got $7000, 4 weeks, $6000, and 6 weeks $5000. We ended up taking the 4 week deal, with the intent to be out in 3 weeks, this allowed us a little buffer. The day we were to be out, the man handed us a check for $6000 we handed him the keys and did a walk through and that was it.
Apparently he is contracted by the bank and will sell the house. So the less he has to do,cleaning and trash and all, the better for him. In our case he was able to list the house in a matter of days.
In our case we were able to put most of what we had in storage and have money for a deposit on a new place.
What I can say is be upfront with the guy and nice, none of it is his fault, and he will work with you.
He defiantly made a difficult situation more tollorabale for us.
Good luck
Tommas I understand people have problems and things happen but how is it that you are paid to leave a house YOU foreclosed on?
I am doing something wrong.
Whatever Stressed Out, sorry to hear of your sister's situation. I would recommend contacting Vivian Gaspar 800-977-1077 vivian@stopmycrisis.com. She is a specialist in helping people stop foreclosures here in northern NJ. I recently saw her speak at our real estate office. It is no charge to give her a call. She is very knowledgeable as well as accommodating when it comes to this process. It's worth the five minute phone call. Feel free to Google her if you would like more information on what she does.
REagentRS @Whatever - You have no idea what people are going through, it is much more stressful to be in this situation than to just pay your mortgage. Please don't judge. Maybe the payments aren't being made because of an illness, or job loss, or a spouse died unexpectedly w/o a safety net. The OP is looking for constructive advice to help their family member. If someone is in that situation, the few thousand dollars to start fresh is a great way to help the bank have a good & vacant property (many ppl in this situation are very destructive and spiteful) and the banks can certainly afford it.
That cash for keys option sounds like something your sister should look into. Best of luck!
somechik Do you get a 1099 and have to pay taxes on cash for keys?
This smells like income.
TM
Troublemaker Don't judge... right...
Depends on the situation. Say someone bought an inflated home at 300k with 5% down or 15k. These folks may have stayed put for years not paying their mortgage, taxes, and homeowners insurance. And then they get an extra cash influx to move out. Under this circumstance, Judge iJay finds the defendant guilty as charged...
Sorry your sister is going through this.
Aside : there is a movie, "99 Homes" about the foreclosures, eviction days, etc. I found it shocking and sad. NYT review : http://mobile.nytimes.com/2015/09/25/movies/in-99-homes-a-man-buffeted-and-then-manipulated-in-floridas-foreclosure-disaster.html?referrer=google_kp&referer= https://www.google.com/
OnTheEdge "And then they get an extra cash influx to move out." You act like 'cash for keys' is a handout out when actually it is a payment for cleaning the house and making the asset available to create cash faster. Time is money. Work deserves pay. Nobody is giving anyone a handout in this process.
strangerdanger Don't be naïve, Cash for Keys is payola so the resident doesn't trash the house. $6,000 could clean 100 houses. It's similar to our county's "foreign aid" where we payoff rogue states and mountain warlords so they don't hurt us.
BlazinI feel so bad for anyone going through foreclosure. I really don't think that anyone should be judging people in these situations. The banks ripped off a lot of people, with predatory capitalism... pushing fake signatures through, constantly sending equity checks for easy access to money to seniors or anyone who have medical bills ... then the banks start to feel the pressure of losing money.... so what do they get? Handed 9 billion dollars in bailout money, from Junior. The big wigs took huge bonuses and expensive junkets. The homeowners.... with the artificially raised value? Left holding the bag..lose their home. Win Win for banks... they get all that cash and still get your home, to. Trickle down economics never worked..never will. Had we done a reverse bailout.... like Bernie Sanders wanted, every family... in foreclosure or not, rich or poor,.... would've received a check for $200k, instead of giving it directly to the banks(don't complain about your taxes paying for this... the banks got your money, anyway). That's TRICKLE UP ECONOMICS. Most people would first deposit the check. Now the banks have plenty of deposit money to work with. Next, maybe a car, home, pay down your mortgage... whatever. It would've stimulated jobs (starting a new business), most homes would be out of foreclosure, thus stimulating the housing market... again a win for both consumer and banks. Trickle up economics is the only thing that can save the middle class. Makes me sick when I see the CEOs making $20 million per year, banks worth billions and some, trillions, but have no problem throwing a person, who fell on hard times, out of their $20k trailer. Even $100k is like a dollar to most of these banks. I think the keys for cash is the LEAST they can do, to try and give another fellow human being a chance to start over and avoid homelessness. People are getting so unsympathetic lately... towards others. People who criticize others who need help, haven't walked in an inch in their shoes and have know idea what it's like to fall on hard times. I don't know how some of those CEOs sleep at night, when they are taking a dump, on a gold plated toilet, while the people living in tent cities, over in Easton, are getting tossed for pooping in paper bags. Won't even set up a garbage can or a port-a-potty, for these folks. And they are families, with children, most who have had jobs, maybe fell ill, but I'm pretty sure that's NOT the life they chose... just a run of bad luck. Meanwhile, we have abandoned buildings everywhere. I'm not religious, but for those who are....WWJD? Then they go to church on Sunday and bash the needy, during the week. I'm not saying everyone is like this. I just go by the responses I read, as well as other sources regarding the looming depression. Next time you see one of those sad ASPCA commercials, substitute the word "animal" for "person". Don't get me wrong. I absolutely love animals and think animal cruelty is horrible... but just try it, and see how it sounds. Sorry for the long rant. I know there's very good people here... just generally speaking about the whole country, which is going downhill very fast.
sparksjbc1964 Sparks, your post reminds me of a quote I saw in the paper a few days ago, attributed to Herman Melville:
“Of all the preposterous assumptions of humanity over humanity, nothing exceeds most of the criticisms made on the habits of the poor by the well-housed, well- warmed, and well-fed.”
jd2 sparks, when you divide that $9 billion by $200,000, you wind up with 45,000 households getting paid. What about everyone else? There are about 117 million households in the US. To give each one $200,000 would be an expenditure of $23.4 TRILLION... as usual, Bernie's harebrained schemes don't add up...
ianimal Blazin, perhaps payola to protect the house, but then again, it's pay to protect the house. Nobody is getting a free ride. If the average foreclosure owner wrecks the house x% of the time and x increases due to time and new owner sells faster due to time, then part of the $6,000 is time, looks like about $500 per week and part is insurance payment to not wreck the house. To you it might look like payola, to the current owner is looks like a pay off, and to the new owner it looks like a deal.
Capitalism at it's finest during it's darkest hour. Let it go.
sparksjbc1964: trickle up would have never worked in time and our financial system would have failed wrecking the world economy. Perhaps a better, faster, bailout of homeowners was due but it would have been in addition to, not instead of. The bailout did not save the banks, a number failed or merged, it saved the system.
As complicit as the banks were in the financial crisis, you can't give all the dumbasses who bought way more house than they could afford with money they didn't have.... interest only......and balloon payments in 7 years a free pass. Can't have one without the other. Why should they just get to walk away? Now when you get a mortgage, you have to sign everything twice. And then sign a copy of it again. And they ask you 'now you know this is an obligation you have to pay back, right? RIGHT?'. So, we're supposed to give money to them? How about all the responsible people who were smart enough to live within their means?
MeisterNJ Why aren't the banks mandated to approach existing customers, that have diligently paid their own mortgages the opportunity to purchase these places at the depressed prices they should get sold at ?
Steven "How about all the responsible people who were smart enough to live within their means?"
C'mon Meister, you know the answer to that. I prefer to live quite a bit below my means. It makes for fun rainy days. :-)
Calico696 True, very true. And just to be clear, I'm not saying the subject of the thread was living beyond their means or it's their fault. There are plenty of people that have had a rough time and life happens. Just countering Bernie Sparks.
When I applied for my mortgage several years ago, the mortgage professional said to me, oh you would qualify for X amount, which was about 150,000 more that what I was comfortable with. I said to the banker, your computer says I qualify for X but my checkbook says I can afford Y. He did not find me amusing, but I was paying a mortgage by myself and had to be comfortable with what I could spend every month, not what he thought I could afford.
JrzyGirl88 Jrzygirl is spot on; what you can afford is a personal as well as mathematical exercise. My threshold is like hers, very low. I am way under what the experts say I can afford to spend. I don't want to live for my house, I want my house to make my life better. I want my payments to be covered for over a year in case of emergency and not something looming darkly over my head each month. But that's just me and what makes me comfortable.
Having moved more than most, I know there is always another suitable house and you can always come close to your dream if you can afford to wait. Time and emotion are two of the main factors that cause you to overspend. If you have to go now or you get emotionally attached to a house, you will spend more.
When I came to NJ those many moons ago, my real estate agent mentioned something about "cardboard box" for what I wanted to spend. I would make him bid $100,000 off the asking price at times. When he balked, I reminded him it was the job. Put it this way: you know that house that was on the right at the top of the long hill past the white church heading in Washington that recently got mowed or fell down: we looked at that :>) Over 20 houses later, sure we spent 50% more than my target but were probably 30% under the value for what we got. And my agent had learned to be firm on my bids and to avoid haggling.
Refinanced 3 or 4 times, paid off the mortgage at 45 and I have to tell you: never noticed the surplus cash after I burned the mortgage. By that time, kids growing, schools, etc. all consumed whatever I had.
I really feel for these folks, it's got to be so stressful that the final terrible act probably comes as a relief. Combination of timing (high prices we thought would not only last forever but increase), worst recession since the depression, and more economic trauma meaning even if you didn't over borrow, which many did, it is still very, very tough out there. Good news is you can come back. I lost a fortune in the dot.com crash --- I mean a lot of cash. Perhaps it was not mine from hard work, but I was once rich and then was poor. I lost a few years salary having to sell a place during this recession; I made profit since it was 30 years since purchase, like 2% a year, but will be carrying the loss for a decade on my taxes. Yet I laughed it off, tightened the belt, got back to work and rebounded, perhaps not at that lofty level, but good enough.
So lesson learned, we hit the bottom, we set the floor, we start to re-build. Be cautious, pragmatic, and prudent, and hopefully you too can rebound for a better-than-anticipated future now that you know first-hand the perils of the past.
Best wishes and God speed to get you past this and moving forward again.
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