At the Law Offices of Christopher Campbell, we understand how stressful moving your home and family can be. So we have compiled some information that may make the process of moving after a foreclosure a little easier for you.
How Long Until I Have to Move?
The short answer is around three or four months. After the sheriff sale takes place and the new deed is issued to the buyer, the purchaser can apply for a Writ of Possession, indicating that the successful bidder has taken possession of the property. After the Writ of Possession is filed the County Sheriff has the authority to evict the occupants of the property. The Sheriff will provide any occupants of the property a notice of the date the property must be vacated. This is usually another two months after the notice is received. If anyone resides in the property after that date the Sheriff has the authority to evict them from the premises. Sometimes it takes the bidder a few months to come up with the rest of the money they bid on the property. If they don’t pay the bank may wait a few months until they ask the court to undo the sale and set it up for another auction to start the process all over again. But unless you are ordered to leave by a judge signing a Writ of Possession, you can stay and do not have to let anyone into the house.
What is “Cash for Keys”?
“Cash for keys” is an agreement between you and the purchaser of your property. They offer you a set amount of money in exchange for you moving out of the property earlier than a judge would make you. Not every purchaser will agree to this. But if it is offered to you it is something you may want to consider because it may be able to cover the cost of moving, a storage unit, and/or a security deposit on an apartment.
TIPS FOR MOVING
Where Can I Get Boxes?
You will most likely need to get a lot of boxes to pack up and move, but spending money on boxes that you will use once is probably the last thing you want to do. Luckily, there are many places where you will be able to get boxes for free. Try visiting local liquor stores, grocery stores, or big box stores in the area. These stores typically have deliveries on a daily or weekly basis and will most likely have heavy-duty boxes left over.
A moving company will take all the stress out of packing up your house and moving. Below is a list of a few moving companies whose services you may want to hire: (we have no connection to these companies, nor do we endorse any of them specifically.)
In addition, companies such as U-Haul and Ryder will rent you trucks if you are moving without using a separate moving company.
Make sure you set up a temporary forwarding address at the US Postal Service. Setting up a forwarding address is extremely important. This will make sure that all of your mail makes its way to you even if you are only moving to a temporary address. It will make sure you receive any bills or even informative letters like the one you may have received from us regarding your surplus funds. Remember, it takes a couple of weeks to kick in and it is only good for six months unless you restart it.
After a foreclosure, you may not have the cash or credit score to buy a new house right away. Renting is a great alternative, so you have somewhere to stay while planning your next move or waiting to receive surplus funds from your foreclosure proceedings. Some good options for apartment hunting are Zillow.com, Trulia.com, and Apartments.com. Make sure you do a walk-through with the new landlord or property manager to make note of any damage so you do not get blamed for it later.
You may not have the same amount of storage space so may need to store some of your belongings. One important thing to know while looking for storage is to avoid using PODS at the foreclosed property. Even though you see them all over the place, using one of these after your foreclosure is not advisable. This is because these PODS are stored on the property and whoever winds up buying your home will take issue with a large storage container on the property they just purchased and may be able to have it removed. Instead use storage units such as Public Storage, Mini-U-Storage, or U-Haul Storage.
* This post is for educational purposes and should not be interpreted as legal advice.
Christopher T. Campbell is an experienced New Jersey attorney focused on assisting homeowners with asset and surplus fund recovery. If you have questions regarding asset recovery, a foreclosure, or a sheriff sale, we encourage you to contact us today.