NJ Homeowners vs. Flippers: New Law Helps To ‘Level The Playing Field’

ESSEX COUNTY, NJ — Homeowners in New Jersey who are battling foreclosures have gained a powerful new weapon against “flippers” under a new state law.

Gov. Phil Murphy signed A5664/S4240 earlier this month, greenlighting what has been dubbed the Community Wealth Preservation Program.

The new law will make it easier for homeowners, their relatives or nonprofits to buy back properties at sheriff’s foreclosure sales. People who have been preapproved for a loan will have the right of first refusal at the property’s original “upset price” – the absolute minimum that a seller will accept.

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