Hello and thanks so much for choosing this forum to pose your important legal question. I am sorry to hear about your situation, and I hope that it works out for you and your husband.
Foreclosure of a house by a sheriff's sale is the legal process which enforces a mortgage and results in the public sale of your house. You are then liable for any deficiency. Typically, a lender does not start the foreclosure process until you are at least 90 days late. When you miss a mortgage payment, the bank typically will call at 30 days and send a letter at 60 days. After the foreclosure is filed, generally within 6 months the sheriff sale will occur. Normally in order to save your house, you need to file a Chapter 13 before the sheriff sale. Bankruptcy will stop the foreclosure process. Many people are forced to file a Chapter 13 to save their homes from foreclosure. If you have the ability to maintain the regular mortgage payments plus an additional payment to get caught up over time, you can save your house. If you cannot afford your house, a bankruptcy can wipe out the debt and buy you some more time to live in your home rent free. Here is a really nice guide to bankruptcy law from a New Jersey lawyer. I urge you to speak directly with a licensed New Jersey bankruptcy attorney as soon as possible. You may be able to have at least an initial consultation for very little money, which may well be well worth every penny. Here is a good place to start your search.
In some instances, it is even possible to strip off second and third mortgages off your house.
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The information provided is general in nature only and should not be construed as legal advice. By using this forum, you acknowledge that no attorney-client relationship has been created between you and Benjamin M. Burt, Jr., Esq. You should always consult with a lawyer in your state.
Lawyer (JD)
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