New York, NY asked in Foreclosure, Real Estate Law and Banking for New Jersey

Q: house going to Sherriff sale. NOT short sale. Arm's length applies to short sale. Does it apply to Sherriff sale in NJ

While buying it at auction myself might cause the bank to go after balance deficiency, since it is a public auction there should be no legal reason my father can't bid and if he wins the high bid sell me the house at 1 dollar. Again much different from the short sale where I am coordinating the sale and therefore arm's length was put in as protection. Can anyone clarify/confirm this?

1 Lawyer Answer
Leonard R. Boyer
Leonard R. Boyer
Answered
  • Foreclosure Defense Lawyer
  • Clifton, NJ
  • Licensed in New Jersey

A: There is no way of knowing who will win the sheriff sale. This is very different from an auction. If it was a short sale, you do not control anything, the lender does and statistically most short sales fail.

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