Pay close attention to New Jersey Bill A793, the Community Wealth Preservation Act, which the New Jersey legislature passed at the end of June and sent to the Governor for consideration. While I’m not steeped in the intricacies of state foreclosure laws, it appears the Act would cap a holder’s bid at foreclosure sale to 50% of the outstanding indebtedness and permit family members of the borrower to bid higher. Sure seems unenforceable to me!
