N.J. homeowners facing foreclosure can reclaim property equity in public sales, new law says

New Jersey homeowners facing foreclosure can request a public sale to reclaim potential equity on their property, according to new state law. The bill follows a Supreme Court decision that ruled property owners have the right to a tax sale and can keep equity after debts are paid. It requires lien holders to notify homeowners and their heirs of their right to request a public sale when issuing a foreclosure complaint. The law went into effect immediately, but does not apply to abandoned properties or property owners whose homes were foreclosed on before Jul. 10.

From NJ Urban News.