Is there anyway to speed up a foreclosure to purchase it? A home in South NJ foreclosed in Sept of 2011 and the owners are still living in it. Thanks.

Asked by Stan, Vineland, NJ Thu Jan 26, 2012

Note: Contacted the lender and they are not able to provide much information other than the home will be going up for sheriff sale.

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Don Tepper, Agent, Burke, VA
Thu Jan 26, 2012
No.

There's no way to speed the process up. In all jurisdictions (that I know of, anyway), there are specified periods for notice, response, etc. Those are carved in stone. If it hasn't gone up for sheriff's sale yet, then the foreclosure isn't even complete.

Your Realtor should at least be able to tell you what the statutory dates are in the city/county that the home is located in. That'll give you a better idea of when it'll go up for sale. If you plan on buying it at the sheriff's sale, then at least you'll have a reasonably good idea. However, if it goes to the bank, then it's their decision about when to put it back on the market. That could be a few weeks . . . or a few months . . . or longer.

Hope that helps.
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