Credit: Andy Dean/stock.adobe.com Changes in New Jersey Sheriff's Foreclosure Sale: How Residential and Non-Residential Properties Are Impacted
"The amendments attempted to rectify various issues raised by the uptick in the amount of abandoned blighted properties," write Michael L. Rich and Benjamin L. Lindeman of Porzio Bromberg & Newman.
April 23, 2024 at 10:45 AM
8 minute read
Real Estate
In the last five years, initially in 2019 and more recently as of January 2024, New Jersey has enacted major changes to the sheriff's foreclosure sale process. The primary purpose, as expressly stated in the legislative history and reflected in the lion's share of changes made, has been for increased protection for residential homeowners with mortgages on their primary residences. However, some of the changes also affect sheriff's foreclosure sales of non-residential properties. This article briefly summarizes the major changes and notes some of the ways this practice area has changed and may continue to change going forward.
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