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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Aug. 26, 2024
High real estate prices in New Jersey can place a great deal of pressure on residents who rely upon mortgages to complete the purchases of their home. Year after year, very few states have a higher foreclosure rate. For many years, financial institutions took advantage of this situation to assume ownership of foreclosed properties and profit from their eventual sale. This forced the previous owners to find a new residence while the lender received a windfall.
Now, the state has taken a significant step towards protecting homeowners facing foreclosure with the enactment of the Community Wealth Preservation Program (CWPP). The goal of this groundbreaking legislation is to level the playing field in foreclosure sales and provide more opportunities for people to keep their homes, or find a way for their properties to benefit the community. Specific provisions of the CWPP include the following:
Right of first refusal — Under the new law, a foreclosed homeowner, their next of kin or a tenant can purchase the property for the minimum amount that the lender would accept in a sale, also referred to as the “upset price.” This right of first refusal means they can potentially retain ownership of their home rather than losing a bidding war to a financial institution or flipper.
Favorable financing — Successful bidders under the CWPP can secure financing with a lower down payment (3.5 percent) and a longer repayment period. These favorable terms might be what is necessary to make staying in one’s home manageable.
Nonprofit uses — Another focus of the CWPP is the use of foreclosed upon properties to benefit local residents. Nonprofit community development corporations (CDCs) can purchase foreclosed properties at the upset price and convert them into affordable housing, which might include rental back to the previous owner.
Bid transparency — Lenders are now required to provide a good faith estimate of the upset price at least four weeks before the sheriff's sale. This information is posted on the sheriff's website, allowing potential bidders to make informed decisions.
Working with an experienced New Jersey foreclosure protection attorney will help you understand how the CWPP might apply in your case. You can also learn about other options that could help you keep your home.
The Law Offices of James C. Zimmermann is dedicated to assisting homeowners facing foreclosure. To make an appointment for a free initial consultation, please call 973-764-1633 or contact us online. Our five North Jersey offices are in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
