Foreclosure Adjournments

Foreclosure properties get adjourned all the time on their way to the final sale date. There can be many reasons for these adjournments and they can come from efforts made on both side of the law suit pending (Lis Pendens), plaintiff or defendant.  Since these laws change from state to state or even county to county in some cases, it is important get local information on the procedures in your area.

For example, did you know that New Jersey entitles every homeowner in foreclosure to two separate two-week adjournments? That’s right, so once the sale is advertised (one month before) it may actually take two months before it makes it to the auction block. Many investors get frustrated by this in the beginning of their career because they feel that nothing is ever getting sold.

You just need to understand the foreclosure process and that it is always being delayed any way it can. Think about it, if you were personally in foreclosure and about to lose your property, you would do everything possible to keep it and that is exactly what’s happening here. Properties get adjourned all the time in this business and the key to it all is keeping track of it.

The Plaintiff (in most cases the lender) can adjourn the sale as many times as they feel necessary and the Defendant can always do a Bankruptcy to freeze everything altogether. If a sale seems to be adjourned too frequently it is possible there is a work-out agreement in place with the lender or the property owner is working with someone else who is helping them through the foreclosure.