Many people believe that they cannot sell their home if it is scheduled for a Sheriff’s Sale or is being foreclosed, but the truth is that, as long as they have equity, they can sell their home to stop a Sheriff’s Sale.
Do I Have Home Equity?
Home equity is the difference between what you owe for mortgages, liens and judgments, and what someone is willing to pay for the property. You can add up the amounts you owe for any mortgages, liens and judgments, and if you can sell the property for more than the total, you have some equity.
The Equity in your home is yours, until the sheriff sale is completed. You can sell the property as long as the deed is still in your name.
If your home is scheduled for a sheriff sale and you have home equity, contact The Law Office of Ira J. Metrick to discuss your options. In some situations, we will agree to go to Court to stop the sale and wait to be paid when the property is sold.
My Home is Scheduled for a NJ Sheriff Sale, But I Have Equity. What Should I Do?
If you have positive equity in your home that is scheduled for a Sheriff’s Sale, don’t let the sale go through before you’ve had the chance to sell it. In many cases, a judge will stay the sheriff sale and give you the chance to sell it if you have equity, but there are other avenues that can be explored as well. Contact the Law Office of Ira J. Metrick today to discuss your situation and review your options.