Can you tell me what this means?

[ohheckno]

I was notified that my house would be auctioned off today. I checked the clerk of courts web site and yesterday, there was an entry entitled "affidavit in proof of publication filed MDK". The last three initials are the law firm that represents the mortgage company, Chase. What does this mean? Any answers are greatly appreciated!

[LadyInTheRed]

The affidavit is to confirm that the notice of the sale was published in a newspaper as required by your state's foreclosure laws.

[ohheckno]

The affidavit is to confirm that the notice of the sale was published in a newspaper as required by your state's foreclosure laws.

Thanks, LadyInTheRed! Does this mean the house has been sold?

[LadyInTheRed]

Thanks, LadyInTheRed! Does this mean the house has been sold?

No. It just means the bank satisfied a requirement that it had to satisfy before conducting the sale.

[ohheckno]

No. It just means the bank satisfied a requirement that it had to satisfy before conducting the sale.

Okay, according to the sherrif's site, the house sold for 30,000.00 That's about all the detail I can find out. No person's name, nothing. So I again check on the clerk of courts site and the next entry is:Final Cost of Order for decree of confirmation $1547.40. The next entry is, "Order for sale returned and filed." Alright LadyInTheRed, Any helpful suggestions? It's a shame they can't use regular language instead of all this legal mumbojumbo that I can't understand.

[LadyInTheRed]

I see from earlier posts that you have moved out of the house and were anxious for it to be foreclosed and transferred out of your name. It sounds like it was sold and it will be out of your name as soon as they record the transfer to the buyer. What you see being filed is standard procedural stuff. The reason for the mention of costs is probably to make a record of costs the lender incurred in foreclosure in case they sue for a deficiency. Was your mortgage discharged in BK? If so, you don't need to worry about any of this. This is very close to being behind you. Instead of the court, check with the county recorder in a week or two to find out if a deed has been recorded.

[catleg]

The winner gets a sheriff deed which means that in addition to the auction amount, they still owe any existing liens.
So if the property is underwater, normally the only bid is the bank's bid for $100.
The buyer has 30 days to pay the sheriff's deed.
The defendant (ex-property owner) has 10 day right of redemption based on the amount of final judgment in the foreclosure suit.
After all this, they still need to file a writ of possession to evict any occupants from the residence.

NJ sheriff sale process

[bcohen]

The winner gets a sheriff deed which means that in addition to the auction amount, they still owe any existing liens.

So why would anybody pay anything for a deed which doesn't grant clear title to the property? What exactly is the purchaser paying for?

[catleg]

Of course it does not make sense. (This is NJ, where property values (and property taxes) can only go up. )
I still need to look further to see how the auction winner extinguishes subordinate liens, otherwise you're right it really makes no sense, nothing would ever be resolved.
I considered that winning the sheriff "auction" for a minimal amount of money might be a good way to gum up the foreclosure works. However I found this on the Middlesex county (NJ) sheriffs foreclosure page:
If the purchaser fails to comply with any of the conditions of sale the property will be sold a second time at a future date. The original purchaser being held responsible for all losses and expenses but receiving no benefit from such sale. The defaulting purchaser shall be responsible to the foreclosing plaintiff for any additional costs incurred by such default, including the difference between the amount bid by the defaulting bidder and the amount generated for the foreclosing plaintiff at the resale. This condition is in accordance with Chapter 50 of Title 2A of the New Jersey Statutes amending foreclosures of residential mortgages
Apparently I was not the first to think up this idea LOL

[catleg]

Here is an excellent case cite which discusses the ins and outs of NJ foreclosures with multiple liens and purchasing/repurchasing the property with a sheriff deed:

MOONEY v. PROVIDENT SAVINGS BANK

Important to realize in NJ is that when one lien holder forecloses, the other lien holders need to file a non contesting answer with their claim amount in order to get paid out of foreclosure proceeds, depending on their priority, and/or they can bid for the sheriff's deed. If the prior owner wins at the foreclosure sale, and if that prior owner had the debts discharged in bankrupty , it appears it may be possible to judicially strip away the junior liens. in the case cited here, the 2nd mortgage foreclosed, the 1st did nothing, the former owners bought the sheriff's deed, reinstated the 1st mortgage, and then were sued for foreclosure by a 3rd lienholder which led to the decision cited here, discharging the 3rd and 4th liens.