Legal Question in Real Estate Law in New Jersey

Foreclosure

About 2 or 3 months ago, i received a letter from my mortgage co. informing me that they were begining foreclosure procedings on my home. Aproximately 1 month or so ago i recieved a letter from a law firm informing me that they were conducting the foreclosure. I want to sell my home, but my daughter and i are working on it (it needs alot of work) and it will not be ready to sell until the end of May. Do i have time to sell my house begining in June? I know someting is put on your home when it goes into forclosure preventing you from selling it, but how long do i have until that happenes? I know that i will have to pay extra fees incurred by the foreclosure proceedings, but my house could probably sell (based on recent sells in the neighborhood) for about $70,000+ what i have on my mortgage. And there is a good chance that my next door neighbor will be purchasing the home from me, so it shouldn't take too long to sell. Also, should i get an attorney to handle things for me? I don't have much money, and i already know the apartments i am planning on going in, i just need a profit from my home to be able to leave!!!


Asked on 4/30/07, 1:09 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Foreclosure

It is important that you consult with a lawyer immediately. If you do not, you risk losing a substantial amount of the equity in the house to the foreclosure action. Find a real property attorney in your area and set up an appointment.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 4/30/07, 4:04 pm


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