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Foreclosure

Hi, I live with my brother and he will be losing his house, the foreclosure process has begun. Does the bank have to give any notice of when they will be locking up the house so we can remove all our personal property? We live in NJ. Thanks for the answers.

They will give him notice of the date of the auction. From there he will have 90 days to vacate.

Quote:

Originally Posted by ScottGem

They will give him notice of the date of the auction. From there he will have 90 days to vacate.

Thank you Scott, you're a gem.

I don't know that it would be 90 days. It would depend upon NJ state law. OP does not appear to be a bona fide tenant of the mortgage borrower, so the Protecting Tenants at Foreclosure Act doesn't apply, if that's what you are thinking.

Quote:

Originally Posted by AK lawyer

I don't know that it would be 90 days. It would depend upon NJ state law. OP does not appear to be a bona fide tenant of the mortgage borrower, so the Protecting Tenants at Foreclosure Act doesn't apply, if that's what you are thinking.

I just want to know can they lock him out of his house without giving him time to gather up his belongings?

If he hasn't left when, after the auction, the purchaser desires possession, application will be made to the court for a writ of possession. A hearing might be scheduled, OP would have the right to be heard, and the writ would be served on the OP. Bottom line: OP would be given a few days notice.

Quote:

Originally Posted by AK lawyer

If he hasn't left when, after the auction, the purchaser desires possession, application will be made to the court for a writ of possession. A hearing might be scheduled, OP would have the right to be heard, and the writ would be served on the OP. Bottom line: OP would be given a few days notice.

Sorry I'm a little dense today (OP)?

Quote:

Originally Posted by AK lawyer

If he hasn't left when, after the auction, the purchaser desires possession, application will be made to the court for a writ of possession. A hearing might be scheduled, OP would have the right to be heard, and the writ would be served on the OP. Bottom line: OP would be given a few days notice.

Would that also mean the bank would have to give him a few days? Thanks

"OP" is shorthand for "original poster", i.e.: you.

Yes, the bank, if it is the high-bidder at the foreclosure sale, would have to give him a few days.

You need to understand how the foreclosure process works in order to understand my previous replies. The bank goes to court and asks that the property be sold. Anybody can bid at the sale, although the bank frequently is the only bidder. The amount paid is used toward payment of the loan. The bank, if it was the highest bidder, otherwise someone else, then acquires title to the property.

But yes, he would get a few days.

Ok thanks, that what I was looking for, also I've been called many things before but never an "OP"! I'm offended. Lol

Quote:

Originally Posted by AK lawyer

"OP" is shorthand for "original poster", i.e.: you.

Yes, the bank, if it is the high-bidder at the foreclosure sale, would have to give him a few days.

You need to understand how the foreclosure process works in order to understand my previous replies. The bank goes to court and asks that the property be sold. Anybody can bid at the sale, although the bank frequently is the only bidder. The amount paid is used toward payment of the loan. The bank, if it was the highest bidder, otherwise someone else, then acquires title to the property.

But yes, he would get a few days.

The OP is a tenant, but living with the owner, his brother. Therefore, it is the owner who will be given time to vacate. The OP will not have to vacate before the brother does. So the brother should be given 90 days.

I don't mean to argue, but does New Jersey law give a mortgagor 90 days to vacate after a foreclosure sale? Because that is what you are saying.

Summary of New Jersey's Foreclosure Laws | Nolo.com

It says no notice is required (to those named).

Also, from another site I saw, NJ foreclosure can name the owner and anyone else living there.
So a question would be if you were named or not.

Did the federal law expire?

Quote:

Originally Posted by ScottGem

Did the federal law expire?

Did you read my post near the beginning of this thread in which I linked to the sticky? As I indicated, that law does not apply. The brother is a mortgage borrower, not a tenant. And OP doesn't appear to be a bona fide tenant either. Of course, if OP is paying market-value rent to the brother, I would be wrong (about Tricky), but I didn't read it that way.

No AK, you got it right, not paying full freight but all I really care about is having enough time to remove our property before they lock up the place. Thanks

Quote:

Originally Posted by AK lawyer

Did you read my post near the beginning of this thread in which I linked to the sticky? As I indicated, that law does not apply. The brother is a mortgage borrower, not a tenant. And OP doesn't appear to be a bona fide tenant either. Of course, if OP is paying market-value rent to the brother, I would be wrong (about Tricky), but I didn't read it that way.

Doesn't look like you read my post...

Sorry Joy, no I didn't but now I did, it seems the process has just begun because he just started getting a lot of mail from lawyers wanting to "help". Lol Sorry AK
So it's only after the property is actually sold at the sheriffs sale that no notice is needed.

Quote:

Originally Posted by joypulv

Doesn't look like you read my post...