Homeowners Facing Foreclosure Get Chance to Keep Homes

Posted February 7th, 2024

Family members, lower income bidders, tenants and community development corporations will have an easier time purchasing foreclosed homes after Gov. Phil Murphy signed a bill that overhauls the sheriff’s sale process. Under the Community Wealth Preservation Program (A5664/S4240), New Jersey homeowners experiencing foreclosure, their next of kin, or tenants living in a foreclosed property would have “the right of first refusal” — or first shot when the property goes up for auction — at the upset price, which is the minimum price a seller would accept. Read more about the Community Wealth Preservation Program on NorthJersey.com.

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