Home Selling in 08046>Question Details

Steelersnjfa…, Renter in 08046

The home I am renting is up for Sheriff sale, What happens next?

Asked by Steelersnjfan518, 08046 Thu Aug 11, 2011

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Valerie Pressley’s answer
Do you have a written lease? In New Jersey, even a foreclosure cannot terminate a written lease as long as you are paying the rent. You would have to start paying the rent to the bank, but once the lease term expires, they can ask you to leave with a proper amount of notice. Do you think you can qualify to purchase the house yourself? I can help your landlord do a short sale and you could possibly purchase the house! Have your landlord contact me. I've done a lot of short sales. If you don't think you would qualify, I can help you find another rental. Better to start looking now than to be rushed.
1 vote Thank Flag Link Thu Aug 11, 2011
THE HOUSE I AM WAS BUYING FROM OWNER IS UP FOR SHERIFF SALE WHAT HAPPENS NEXT. IM IN LOUISIANA
0 votes Thank Flag Link Mon May 19, 2014
Hello Steelersnjfan,
Thanks for your question.
Sheriff Sale is the last step in the foreclosure. The bank is taking the house back.
Do you have a written lease? If you do they can not change the locks on you or they may offer you cash for keys.
Depending on what new owner wants they may contact you and ask you to leave but they have to give you the standard notice so you can find a new place.
Is there a chance you may want to buy this home? You should probably start looking for another home so you do have time to find a place you like. Contact me if you would like a list of homes available for rent/sale or to assist you with any other questions you may have.
Best Regards,
Ines De La Cruz, Realtor, ABR
RE/MAX Connection
inesdelacruz@remax.net
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Fri Aug 12, 2011
It might not be a bad idea to do some investigation as to whether the investor that owns the loan on the home you are renting is a Fannie Mae or Freddie Mac loan. If the landlord is willing to disclose this information, you might be able to continue to rent the home. There are discussions taking place on allowing renters to rent foreclosed homes after the foreclosure action has taken place.

You will likely have some time to decide on your next move as the eviction process doesn't happen overnight.

Good luck!
0 votes Thank Flag Link Thu Aug 11, 2011
Please review this document in the link below...it details the rights of New Jersey tenants renting properties that are in foreclosure.

http://www.state.nj.us/dca/divisions/codes/publications/pdf_…

Laura Giannotta
0 votes Thank Flag Link Thu Aug 11, 2011
Ultimately you will have to move. When a home goes to Sheriff Sale that means the owner/landlord lost the home to foreclosure (non-payment). If and when a person buys the property at the Sheriff Sale they will have the right to have you the tenant evicted if after the proper time you do not leave on your own. They are not obligated to renew your lease. The new owner may wish to occupy the property. Please feel free to contact me directly to assist you with finding a new "home". Lola Grace, Imani Realty & Associates
0 votes Thank Flag Link Thu Aug 11, 2011
In 2009 Obama signed a Tenant Protection Bill:
They cannot just show up at your door and ask you to leave; they have to give you some time, and I believe that they will offer you some "Cash for Keys" whicj will insure a timely move and no damage to the house.

You probably have 5-6 weeks.

Good luck and may God bless
0 votes Thank Flag Link Thu Aug 11, 2011
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