The Monmouth County Foreclosure sales are held as an open auction every Monday at 2:00pm in the Hall of Records, 1 East Main Street, Freehold, NJ in the
Freeholder's Meeting Room on the 2nd floor. Homes, businesses and properties in foreclosure are subject to auction pursuant to court order.

For further information regarding Sheriff's sales, please call (732) 431-7141 or 7142 (Monday through Friday from 8:30am to 4:30pm).  
Monmouth County Foreclosure Procedures


Schedule
Homes, businesses and properties in foreclosure are subject to auction pursuant to court order. Sheriff's sales are held as an open auction every
Monday at 2:00 p.m. in the Hall of Records Annex,1 East Main Street, (Freeholder's Meeting Rooom 2nd Floor) Freehold, NJ. If a holiday occurs
on a Monday, sales will take place on Tuesday at the same aforementioned time and place.

Prior Liens
All sales are subject to a first mortgage, and also municipal, state or federal liens, if any. A title search will reveal this information and it is
advised that this search be conducted prior to the purchase of any property as the purchaser must assume these liabilities. An attorney will be able
to advise you as to title search procedures.

Inspections
Inspection of the property is not permitted. The defendants do, however, have the right to sell their home prior to the sale and any arrangements
made with them will have to be done other than through our office. The property can be redeemed by the owner up to 10 days after the sale.

Newspaper Listings
All foreclosures are published for four consecutive weeks prior to the originally scheduled sale date in two Monmouth County newspapers. They
can all be found in the NEWARK STAR LEDGER, usually the Wednesday edition. Or online at the Star Ledger website at
http://www.nj.com/classifieds/notices/

Adjournments
Please be advised that a sale can be adjourned, settled, cancelled or bankrupt at any time and it is, therefore, advisable to log onto the Sheriff's
Office website at www.visitmonmouth.com/sheriff to determine whether or not a sale is still scheduled. If you do not have access to the internet
you can contact our office for sale information.

Minimum Deposit
At the time of the sale, the attorney for the Plaintiff will open the bidding at $100.00. Bidding will continue in $1,000.00 increments until the
highest bid is reached. The successful bidder shall produce 20% of the bid as a deposit at the auction (cash or certified check) and the balance will
be due in 30 days. The Plaintiff's attorney normally does not allow the bid to go for less than the outstanding judgment.

If a petition in bankruptcy is filed after the sale occurs, the purchaser's deposit will not be returned to the purchaser. The Sheriff will hold the
deposit without interest until further directed by the Court or upon consent of counsel.

Default
If for any reason the purchaser refuses or is unable to pay the balance of the bid within 30 days after the sale, the property will be re-advertised
and re-sold at the purchaser's expense. Failure to pay the balance of the bid will result in deposit money being retained by the Sheriff's Office as
liquidated damages.

The purchaser may take possession of the deed after the passing of the 10 day redemption period and upon payment of the balance of the bid
unless an objection to the sale is served upon the Sheriff prior to the delivery of the deed. In the event of a redemption, the purchaser will be
refunded the full amount of the deposit. If the purchaser is in need of an extension of time to pay the balance of the bid, this additional time may
be granted by the Plaintiff.

It is the purchaser's responsibility to record the deed at the Monmouth County Clerk's Office. It is also the responsibility of the purchaser to
notify an occupant, if any, that the property has been transferred title to and that the premises must be vacated. If an occupant does not
voluntarily comply with the request, the purchaser must apply to the Court for a Writ of Possession. Our office will serve the Writ upon the
occupant which will advise him/her to vacate the premises by the stated date. The attorney for the purchaser must set a date to have a moving van
sent to the property; remove the occupant's personal belongings; and, store those belongings in a place of safe keeping.

Surplus Funds
Surplus Funds are defined as the amount of funds collected over the judgment amount, fees, costs and commissions that are due to the plaintiff
and Sheriff. The main function of surplus funds is to pay any junior lien holders. Any funds left over after these lien holders are paid are available
to the homeowner.

From our current list, you can ascertain if there are surplus funds by checking if the amount the property was sold for is more than the amount in
the judgment column. An example of this would be: Sold for is $150,000 & Judgment is $130,000; it's safe to assume that there is $20,000 in
surplus. This surplus should be returned to the homeowner.

Funds are sent to the NJ Superior Court, c/o Trust Fund Unit after the purchaser has paid the balance of the purchase price. This means that the
funds are not readily available immediately following the sale, there are such instances when the Trust Fund Unit will not receive these funds for
up to 2 months after the sale.

If you are the homeowner in a foreclosure in our office and you believe there is surplus from the sale of your home you can contact our office or
you can contact the Trust Fund Unit at 609-292-4012.

Foreclosure Glossary
Bankrupt: Mortgagor has filed for bankruptcy protection.
Reinstated: Arrearages have been paid and mortgage is now current.
Settled: Mortgage has been paid - usually in full.
Cancelled: Sale withdrawn.
Sold: The property has been sold.
Redeemed: Judgment is paid off within 10 days of sale.
In all above instances, property is NO LONGER AVAILABLE.
On for (date): The auction for this property will occur on this new date.

More information
If any further information is required, you can call (732) 431-7141 between 8:30 a.m. and 4:30 p.m., Monday through Friday
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