Robert Manchel

What is my responsibility if I leave my New Jersey house, that is in foreclosure.
As a result of the very lengthy real estate foreclosure action process in New Jersey, people are vacating their homes during the lawsuit. Prior to vacating their house, one should notify the mortgage company, their mortgage servicer, and the mortgage company’s attorneys, that they are vacating the house. The notice should be sent by certified mail, return receipt, letter to any and all of the mortgage company’s addresses and their attorney.
The homeowner should ensure that the inside of the property is secured by closing and locking all windows and doors. Additionally, one should close off all water lines to protect the house from water damage. Typically, the mortgage company will ask a representative to come to the house to confirm that the homeowner has vacated the property. Additionally, it is likely that the mortgage company will change the locks.
The people named on the deed continue to be the owners of the house, until after the house goes to sheriff’s sale. Prior to the sheriff’s sale, as the owner of the property, who is on the deed, the homeowner has certain responsibilities, including the maintenance of the property, pursuant to the local ordinances. As the owner of any property, one has a responsibility to properly maintain the grounds, etc. Each town has different laws that require the homeowner to care for their property in a specific manner. If the homeowner fails to comply with these laws, they may be fined accordingly. This is most likely not an issue, if a neighbor cares for the property, no one complains to the township, or the town does not strictly enforce such laws.
Typically, a homeowner continues to be liable to a person, whose injury was caused by the homeowner. In today’s litigious society, someone may argue that their injury was caused by the homeowner’s lack of maintenance of the property, etc. The liability insurance on the house should be maintained to protect themselves from such a lawsuit. However, securing liability insurance under these circumstances will likely be difficult and costly.
This blog is only a limited explanation of the homeowner’s responsibilities and should not be relied upon. Anyone in such a situation, should seek advice from a competent and experienced lawyer.
Robert Manchel, is a Lawyer in New Jersey that handles bankruptcy and foreclosure resolution. Mr Manchel may be contacted at 866 535 5655.

When must a New Jersey resident leave the house after a Sheriff’s sale.
The length of a mortgage foreclosure action in New Jersey is extremely lengthy. A person is permitted to reside in the house until the entire foreclosure action is completed.
Typically, if the balance due on the loan is more than the fair market value of the property, the house will not be sold at sheriff’s sale and the mortgage company will take back the property. This means that the county sheriff’s office will convey the property to the mortgage company by creating a deed that puts the real estate in the name of the mortgage company.
If the homeowner or renter has vacated the property at the time of the sale, than the mortgage company forwards the documents to the county sheriff, who insures that the property is vacant. However, if the homeowner or renter continues to possess the property, after the sheriff’s sale, the mortgage company must submit a writ of eviction to the court, which is entered and returned to their lawyers. Thereafter, their attorneys forward the writ to the county sheriff, who ultimately schedules the eviction with a date and notice. The approximate time from the sheriff’s sale to the eviction takes approximately 2 to 3 months, depending on the county and work load.
Please do not rely on the information in this blog. If you are in a similar situation, I strongly advise that you seek the counsel of an experienced attorney.
The Law Offices of Robert Manchel handles foreclosure resolution matters and bankruptcy in New Jersey. You may contact the office at 866 535 5655.

There are a number of options that may be available to a New Jersey resident who is facing foreclosure. The following is a general list of a mortgage defendants options to foreclosure: actual defense to the complaint; loan modification; short sale; deed in lieu of foreclosure.
There are number of defenses, but not a number of effective defenses. A legitimate defense is that the payments were made and not properly credited to my account. There are other (legal technicality) defenses, which may not be considered by the court, such as the mortgage company does not possess the original note, or the assignment of the mortgage was invalid.
A deed in lieu of foreclosure is a procedure whereby the New Jersey homeowner deeds the property to the mortgage company and the mortgage company either refrains from filing the foreclosure action or stops the foreclosure action. The mortgage company should forgive all or a portion of the deficiency balance that is due on the mortgage. The homeowner must vacate the house at the time of the conveyance. The mortgage company’s participation is optional.
A short sale is a process, whereby the mortgage company permits the homeowner to sell the property for less than the amount that is due on the mortgage. The homeowner should request the release of all or a portion of the balance of the mortgage that is due after the sale. Again, the mortgage company’s participation is optional.
A mortgage loan modification is the modification of the mortgage. The approval of the loan modification is based on a number of criteria. The criteria varies based on the type of loan. Typically, the modification will eliminate the arrears and spread the balance over an extended time period. Also, typically, the interest rate is reduced. There are other similar resolutions that allow the homeowner to cure the arrears over a certain time period.
Robert Manchel is a New Jersey lawyer that handles foreclosure resolution matters. You may contact Mr. Manchel at 1 866-503 5655 to discuss your questions.