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Updated over 8 years ago,

User Stats

42
Posts
5
Votes
Sandy Reddy
  • Real Estate Agent
  • Jersey City, NJ
5
Votes |
42
Posts

Sheriff sale in NJ

Sandy Reddy
  • Real Estate Agent
  • Jersey City, NJ
Posted

Hello Everyone,

Questions regarding a sheriff sale property.  Current property deed has two names (X and Y), however the mortgage note has only one name (X).

And as per the title search report, 

Chain of Title1:

When the property was purchased the deed has both X and Y names as joint tenants with the Right of Survivorship.

Chain of Title2:

Later a quit calm deed was made with Grantor( prior owner)  Y and Grantee (deed owner ) X

Chain of Title3:

Again a bargain and sale deed was made the other way from above Grantor( prior owner) X and Grantee (deed owner ) Y

Current Title (vesting information):

And one more time a Deed was made with both names (X and Y) on the deed as joint tenants with the Right of Survivorship.

Now, as X is the only mortgage holder from the time of purchase, and bank is foreclosing the mortgage on X, will Y have any legal ownership to the property, if the property gets sold at sheriff sale. Would winning bidder have to deal with Y about the ownership of the property ?

Would appreciate your inputs.

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