New Jersey Foreclosure Bill to Curb Home Flipping Heads on Phil Murphy’s Desk

New Jersey may make it easier for families, low-income bidders and local nonprofits to buy foreclosed homes under a bill sent to Gov. Phil Murphy on Wednesday.

Under the “Community Property Preservation Program,” New Jerseyers who have experienced a foreclosure or their immediate family members get a first shot, or first veto at the bid price, when their property is auctioned.

If a distressed homeowner is unable to secure financing, they or a family member can ask a community development group to purchase the property, and the nonprofit can take a second veto or a second shot at the bid price. Get If a housing nonprofit wins a bid for a foreclosed property, restore the home and sell it to a low-income household below his 120% county median income, or rent the home to a household below is needed. 100% of county median income.

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