It is important for a lender to distinguish between the issue of whether a particular lien is divested at a sheriff's sale, as opposed to whether a particular lien is a superior lien for purposes of distribution of proceeds from the sale.
Lenders should not forget the possibility that the transfer of title for the mortgaged property pursuant to a sheriff's sale may be subject to transfer tax.
Figure 2 shows the percentage of twines that have a second sale recorded after the sheriff's sale.
Almost half of the previously auctioned homes arc recorded in the data as having been vacant for 90 days or more at the time of their first sale after the sheriff's sale (figure 3).
The foreclosed homes in high-poverty areas are far less likely to be reoccupied at any time 18 to 60 months after the sheriff's sale.
As the analysis here illustrates, homes that have been through a sheriff's sale have very high vacancy rates for a year and a half afterward.
Herrick, the Star-Ledger's sales and marketing director, said that through the first eight months last year, the newspaper ran an average of 16 pages of legal and sheriff's sale advertising a week.
Sheriff's sale legals are run four consecutive weeks by newspapers in the state.