Dubiln Packard

New Jersey

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What Is A Sheriff Sale

sheriff saleIf Your Home Is Scheduled For A Sheriff Sale, You Need Answers.

Let’s start with understanding what is a sheriff sale.  Once a lender or lien holder has a judgment in a foreclosure case against the home owner, it can then order your home to be sold at a public sale conducted by the Sheriff in your County and sold to the highest bidder.  the proceeds of the sale are used to pay-off the lender and, if the bid price is high enough, all other liens on the property and, in the rare event any money is left over, that surplus cash is paid to the home owner.  The sale is conducted by the Sheriff’s office in the County in which the home is located usually on the same day each week.  Interested parties appear at the sale and place live bids.

We have the answers you need.  Keep reading or request a copy of our free consumer guide.

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How can I save my home from foreclosure?

It’s possible in many cases to save your home despite periods of financial difficulty.

The steps that can be taken are:

Home Loan Modification. It might be possible to reduce the payments by extending the term of the loan, adjusting the interest payments, and in some cases reduce the principal balance on the mortgage, or some combination of these three. There is a threshold of qualification for modification.  The bank needs proof of ability to pay, with the principal and interest no greater than thirty percent of income after the refinancing. Loan modification requires full documentation and takes place at a closing, similar to a purchase or sale.

Chapter 13 bankruptcy. There are thresholds for qualification. The court requires a means test, establishing that you’ll have the ability to pay on a payment plan, making partial restitution to your creditors (often at a fraction of the balance due) with the debts discharged completely at the end of the payment plan. Your home can be protected. Second and third mortgages can become severed from the home and added to the pool of consumer debt covered by the payment plan.

Chapter 7 Bankruptcy If you have limited equity in the home and enough income to pay the mortgage, it might be possible to keep your home under Chapter 7 bankruptcy.

  • If you have a very high amount of consumer debt, like credit cards debts or payday loans, it can be nearly impossible to qualify for a loan modification or a chapter 13 bankruptcy. However, a chapter 7 bankruptcy can eliminate these consumer debts and as a result allow you to qualify for a loan modification or chapter 13 bankruptcy. This little trick of using a chapter 7 to qualify for a chapter 13 is referred to as a “chapter 20 bankruptcy.”
  • To learn more about how chapter 7 bankruptcy could be a good strategy for you, read our post: When Is A Chapter 7 Bankruptcy Useful? (P.S. It even goes over what to do if you can’t save your home, or don’t want to)

 

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About Chapter 7 Bankruptcy

Personal Bankruptcy for individuals with limited assets

Are you suffering from unmanageable credit card debt, medical bills, motor vehicle surcharges, loans and certain tax debts? Chapter 7 bankruptcy may be appropriate for you.

If you are seeking to eliminate burdensome debt, stop collections, garnishments, harassment calls, repossessions, liens, attachments or account freezes, contact our experienced Chapter 7 bankruptcy lawyers. Get started on a better tomorrow today! Start over debt free. Everyone deserves a second chance!

 

Do not waste time and resources on debt reduction services.

Many people using profit and nonprofit reduction or counseling services spend years on service fees and still have to file for bankruptcy. Do not invest your time and resources in a futile endeavor. File for bankruptcy now and save time and money.

Filing for personal bankruptcy is an important life decision. Whether your goal is credit card liquidation, to eliminate all of your debt or save your home from foreclosure, an experienced bankruptcy lawyer at Todd Murphy Law can assist you.

 

Chapter 7 bankruptcy may be right for you if:

 

  • you do not have a significant amount of equity in your home
  • you have unmanageable credit card debt
  • you cannot pay your medical bills
  • you do not have valuable assets that you are seeking to protect
  • your driving privileges have been revoked based on your failure to pay motor vehicle surcharges
  • you cannot pay back personal loans

You must pass a “means test” to file for Chapter 7 bankruptcy. You may be able to pass this income test and file for Chapter 7 bankruptcy even if you own a home. If you are a homeowner without a significant amount of equity, you may still be able to file for Chapter 7 debt liquidation.

If you have over a certain amount of equity in your home or in your assets, you may have to file Chapter 13 bankruptcy.  We can help you determine which option is best for you.

Do not be intimidated by bankruptcy. Our law firm can provide you with the bankruptcy information YOU need to make the right decision. If you feel the burden of financial stress, you can relieve yourself of debt and get on with your life. Do not wait to contact us regarding this important financial matter.

call 862-217-2361 to find out more and to schedule a free consultation.