Keep your HOME!

 New Jerseyans facing foreclosure will have a new path back to homeownership under a bill Gov. Phil Murphy signed January 2024.

The new law creates the community wealth preservation program, which will give homeowners facing foreclosure — plus their families and certain nonprofits — the right of first refusal to purchase their home at a sheriff’s sale.

“With today’s bill signing, we are creating a new avenue to homeownership for individuals and families throughout New Jersey, giving many the opportunity to remain in the homes and communities they cherish while also protecting our neighborhoods from rapid investor-driven homebuying,” Murphy said in a statement.

 To reclaim a foreclosed home, the homeowner or their family must be preapproved for a loan that matches the home’s original upset price — the lowest price for which a home would be sold — or its final starting upset price, whichever is lower.

The upset price is typically equal to the combined total of any outstanding mortgage on the property, plus interest, fees, and other associated costs.“This bill is a creative opportunity for families to save their wealth at the time of a foreclosure sale by using financing,” said Sen. Britnee Timberlake (D-Essex), who sponsored the bill as an assemblywoman. “This legislation also levels the playing field for renters, affordable housing nonprofit developers and people who want to purchase an abandoned home to restore and live in or to create affordability.”