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 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. Contact the Law Office of Ira J. Metrick today to discuss your situation and review your options.
Many people think that they can’t sell the house if it is in foreclosure or scheduled for Sheriff Sale, but that is not true. If you have equity, you have the right to sell the property to avoid the Sheriff sale and avoid losing your equity.
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.
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.
Equity in your home is still yours during foreclosure. The more equity you have in your home, the more you stand to gain by selling it as opposed to letting it be sold to the highest bidder by your lender at a sheriff sale. After the sale, you would only be entitled to any “Surplus Funds” which is the balance after the mortgage and liens are paid.
At The Law Office of Ira J. Metrick, we help homeowners facing foreclosure, including those scheduled for a sheriff sale, determine their options for stopping the NJ foreclosure process and staying in their homes. There are several methods to stop or delay a sheriff sale, including:
- Submitting a complete loan modification application
- Adjourning the sale
- Staying the sale
- Filing for bankruptcy
However, if you do not want to stay in your home, there are other options available to you. In many cases, if you have equity in your home, the judge will stay the sale to give you the opportunity to sell your home.