New Jersey Foreclosures: Navigating a Changing Landscape

New Jersey’s foreclosure landscape has seen significant changes in 2024. Here’s a quick look at what you need to know:

  • New Foreclosure Process: A recently enacted law established a Community Wealth Preservation Program. This program offers certain entities, like municipalities and non-profits, a “right of refusal” to purchase foreclosed properties at sheriff’s sales. This aims to keep ownership within the community.
  • Foreclosure Timeline: The foreclosure process typically takes several months, with opportunities for the homeowner to cure the default (bring the mortgage current) or explore mediation with the lender.

Resources for Homeowners Facing Foreclosure:

  • The New Jersey Housing and Mortgage Finance Agency (NJHMFA) provides resources and assistance programs for homeowners facing foreclosure.
  • Legal Services Corporation of New Jersey (LSCNJ)offers legal aid and foreclosure prevention services to those who qualify.

Important Note: This article provides a general overview and shouldn’t be considered legal advice. If you’re facing foreclosure, consult with an attorney to understand your options.