Gov. Phil Murphy has conditionally vetoed a foreclosure bill that would have made it easier for families and nonprofits to buy homes at sheriff’s sales.
Dubbed the “Community Wealth Preservation Program,” the bill would have allowed:
- “homeowners in foreclosure or their relatives to buy back their home at a foreclosure sale, reducing the required down payment and giving them more time to come up with the cash.”
- “nonprofits to buy foreclosed properties to create affordable housing and created incentives for people to buy abandoned homes and live there, instead of investors intent on flipping them for profit.”
For more information from the New Jersey Monitor, please click here.
To view the bill language, please click here.