Question: my home is in foreclosure…what is the notification I will recieve to know that i have to move?
Answer: – First you will receive a notice of default from the bank letting you know they are enforcing their rights in the contract to obtain the property in the event you don’t pay. Depending on your state and if it’s a judicial or non-judicial foreclosure process, you’ll either have your redemption period before or after the auction. If the redemption period is before the auction, then once the home forecloses you will receive a notice to vacate the premises. This is when you need to be out. If the redemption period is after the auction, then again you will be notified to vacate after the redemption period is over. The notice is usually posted on your door.
please forgive me if i confuse anyone but i just don’t know what’s going on…
I moved in with a family member this time last year as far as i knew her parents owned the house, THEN a for sale sign went up Ok no problem… me and my cousin talked about moving and i would share the rent~ UNTIL everything just went completely wrong *for me that is* she decides at the last minute that it’s best for her to move alone which i was Ok with we all make choices that are right for ourselves BUT since living together i didn’t think about saving ANYTHING i was comfortable and as i said the plan *was* to share the rent when we moved. OK here is where things are scarey for me~ I’m walking home from the store the other morning and find a Sheriff’s sale notice on the front door, not an official notice but a copy of the advertisement. I had NO IDEA the situation i was left in, i have no idea what to do or what’s going to happen next.. i seen sheriff’s sale and i’m panicking… Ok no one was paying rent because this was her dad that owned the house *my uncle* we just paid the utility bills, when she moved she left them on for me i should have sensed something there~ her dad still lives upstairs and i’m on the 1st floor with my son. if this makes any sense PLEASE HELP~ I’m in NJ.. basically my MAIN CONCERN IS~ how much time do i have after a ?Sheriff’s sale? i don’t even know what that is…
thank you for your time in reading this long post
Paula
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Basically the Sheriff’s sale is a foreclosure auction. Once the home is auctioned off, you’ll have about 3 weeks to vacate the property. If you’d like to research more about it, we’ve written several articles that will help explain the foreclosure process and more specifically for the foreclosure laws in New Jersey .
Hope this helps…