Possibly. New Jersey's Community Wealth Preservation Program, signed in January 2024, generally gives a foreclosed individual owner, next of kin, or a qualifying tenant of a primary residence a first right to buy at the lender's upset price, with a 3.5 percent deposit and up to 90 business days to pay the rest.
The catch is the price. The upset price is generally built from the full judgment plus interest, costs and fees, so buying back usually means financing close to the entire debt, not just the missed payments. To use a mortgage, the buyer needs pre-approval for at least the upset price from a lender regulated by the New Jersey Department of Banking and Insurance or a federal banking agency. If the lender asks, an owner or next of kin generally must show the foreclosure resulted from circumstances such as financial hardship, illness, divorce, a death in the family or predatory lending, and the right is exercised before bidding opens. The program changes who can buy at the sale; it does not postpone or cancel the sale.
Start weeks ahead. Watch for the upset price, which must be posted on the sheriff's website at least four weeks before the sale, gather hardship documents, and have whoever will buy, often a relative or tenant with stronger credit, talk to a lender about pre-approval now. Missing the 90-business-day deadline can cost the deposit and accrued interest. Parts of the law have been challenged in court, and some counties have changed how they apply it, so confirm current practice with the sheriff's office before sale day. A HUD-approved counselor (800-569-4287) can help compare a buy-back with a refinance, reinstatement or sale before the auction, which often cost less.
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Educational information, not legal advice. Your own court documents control your deadlines; a licensed New Jersey attorney can confirm what applies to your case.