How Does a Monmouth County Sheriff Sale Begin?
The Monmouth County Sheriff Sale process begins when your mortgage lender obtains a final judgement in a foreclosure and a Writ of Execution.
Common mortgage lenders that foreclose include:
Once the final judgement is obtained, the sheriff of Monmouth County will then set a date, time, and location for the sale of your property, and advertise the sale by:
- Publishing the details of the sale in at least two newspapers available in Monmouth County, at least once a week for at least four weeks before the sale.
- Posting a notice in the Monmouth County Sheriff’s Office at least three weeks before the sale.
- Posting a notice on the property being sold.
If you have any doubts, don’t hesitate to call the Sheriff’s office at 732-431-6400 to ask any questions. Lenders cannot always be relied on to notify you of the sale, and it is important to stay informed so you can assess your options.
To see how long it will take for the sale to be scheduled once the application is submitted by the lender, see our blog post: “How Long Do I Have Until the Sheriff Sale?“
How Can I Stop a Monmouth County Sheriff Sale?
While it may seem like a hopeless situation, there are several options when facing a Monmouth County Sheriff Sale.
- Submit a Loan Modification Application. The new federal guidelines say that as of January 10, 2014, the lender must review at least one (1) complete loan modification application, as long as it is received by the lender at least 38 days prior to the Sheriff Sale. (It is possible to use your adjournments to extend the date of the sale for the application) Additionally, you are entitled to submit a new application any time that the Servicer changes and some lenders will review multiple applications.
- File for Bankruptcy. You have the right to file for Bankruptcy, as provided by federal law. In most circumstances, upon the filing of a Bankruptcy Petition, you will be entitled to the “Automatic Stay” which is an automatic injunction that halts the Sheriff Sale and other actions by creditors. In order to fully understand your options concerning Bankruptcy, you should seek a consultation with an experienced bankruptcy attorney to determine whether it is an option for you.
- Adjourn the Sale. You are entitled to contact the County Sheriff for two adjournments of two weeks each, or a total of 28 days.
- Stay the Sale. Once your two adjournments have been used, you can file a motion with the judge to ask for a stay of sale.
As noted above, a loan modification can stop a sheriff sale. At the law firm of Ira J. Metrick, we can do an analysis to determine if you are eligible for a loan modification, and help you apply for a modification if you qualify.
I Submitted a Loan Modification Application, But My Lender is Proceeding With the Sheriff Sale. What Do I Do?
If you have obtained a loan modification, or are being reviewed for a modification:
- Your lender cannot file a foreclosure complaint.
- Your lender cannot apply for a final judgement of foreclosure.
- Your lender cannot schedule a sheriff sale.
These are violations of federal law. If your lender has pursued any of these actions, we can help you.
If your property has been scheduled for a Monmouth County Sheriff Sale, you are not out of options. Contact Ira J. Metrick today to discuss how you can stop the Sheriff Sale and stay in your home through a modification.