How long can you stay in a home after foreclosure in NJ? by readerquestion | Nov 22, 2013 | 1 commentAfter a bank forecloses on a home, how long can you stay in the home, and if you didn’t leave how can they get you out?1 Comment Jeff Jenkins on November 22, 2013 at 12:26 pm Thanks for your question.There were a large number of foreclosures filed in New Jersey prior to December 2010. The volume itself slowed up the foreclosure process. New Jersey passed a new law governing foreclosures at about that time and the law imposed new/additional requirements on the mortgage companies. Fundamentally, this made the foreclosure process more difficult for the mortgage companies and, accordingly, the large number of foreclosures that had not been completed by December 2010 took a long time to get resolved.We are now seeing a return to “normalcy” and how long the foreclosure process takes is really dependant on how rapidly the mortgage companies attorneys act at the different stages of the foreclosure process. At present, a foreclosure is certainly going to take a number of months (if not longer) from the time it is initiated until the foreclosure ends in a sheriff’s sale.Once a sheriff’s sale occurs, the sheriff has ten (10) days to give the mortgage company the Deed to the property (assuming the mortgage company is a successful bidder and it is not a third party). The mortgage company would then have to file another law suit in State court which would be an eviction action (technically, we call it a Summary Dispossess Action). It would be the same type of thing that a landlord would file against a tenant. That process is rather rapid. A month or slightly more from start to finish would not be unusual. At the end of the eviction proceeding, the Sargeant-of-Arms for the particular court where the law suit was filed will put a notice on your door giving you a number of days to vacate the property (usually it is 10 days). At the end of that time, the court officer will show up and if anyone is still in the property, they will be forcibly evicted.If you are involved in a foreclosure action, your best course is to contact a knowledgeable attorney who deals with foreclosures or bankruptcies. Filing a bankruptcy would certainly stop a foreclosure so that there would be no sheriff sale. Mortgage companies have become increasingly willing to try to keep people in their properties by modifying their loans by either reducing the interest rate and/or lengthening the term of the loan and/or eliminating some of the principal such that the monthly payment is less than it was before and any arrears are incorporated into the balance of the loan.The bankruptcy process is an excellent forum for such a loan modification attempt as the person living in the property is protected from the mortgage company while in bankruptcy and the bankruptcy could, of course, also take care of the person’s other liabilities (either eliminating them or paying them in part or in full).Sometimes, it is very difficult to deal with a mortgage company but once you are in a bankruptcy the mortgage companies usually have a special bankruptcy department that your bankruptcy attorney can deal with and get things done much more rapidly than you could on your own (being put on hold, etc.).Jeff Jenkins ReplySubmit a Comment Cancel replyYour email address will not be published. Required fields are marked *CommentName * Email * Website Save my name, email, and website in this browser for the next time I comment.