NEW JERSEY – New Jersey Assemblywoman Britnee N. Timberlake announced she has sponsored crucial legislation aimed at ensuring people wishing to buy back their home from foreclosure or are purchasing a foreclosed home to live in can compete with investors.
The bill, numbered A4412, is another effort by Assemblywoman Timberlake to combat New Jersey’s foreclosure crisis and provide equitable housing to New Jersey residents. “There is a massive amount of community wealth lost to investors with deep pockets of cash at foreclosure auctions. With this foreclosure sales bill, those who want to actually live in the community as owner-occupants can now fairly compete,” says Assemblywoman Timberlake. “This bill levels the playing field for those seeking to live in the property by setting realistic down payment and full payment timeframes, which better enables financing options for those proving intent to purchase the home as their primary residence or to save the home they already live in.”
Specifically, bill A4412 would revise procedures for sheriff’s sales before and after residential foreclosure, lowering buyers’ required deposit to 3.5 percent from 20 percent, in line with down payment standards for FHA and many conventional mortgages. The bill requires the bidder to have a pre-approval from a NJHMFA approved lender and must prove intent to use the property as a primary residence. It also includes steep fines for those who seek to exploit the law by using the lower down payment amount and financing timeframe options for property flipping or other purposes other than owner occupancy.
“My constituents sent me to Trenton to be an advocate for New Jersey’s families, and this bill reflects the best interests of all our communities,” said Assemblywoman Timberlake. “Ensuring fair and attainable housing for everyone in New Jersey is a principle that every legislator should support.”
Assemblywoman Timberlake introduced bill A4412 on August 28 at the General Assembly meeting. The General Assembly resumes voting sessions on September 13.
About Assemblywoman Britnee N. Timberlake
Britnee N. Timberlake was elected as the youngest freeholder to the Essex County Freeholder Board in 2014. Each term she was unanimously voted as Freeholder President (2015-2017). Timberlake is now running in a special election for the District 34 New Jersey Assembly; a seat she was appointed to in January 2018 to complete the term of Assemblywoman Sheila Oliver the current Lt. Governor of the State of New Jersey. Timberlake is the youngest state legislator. She represents the 34th District, which encompasses Clifton, Montclair, Orange, and East Orange. She serves on the following legislative committees: the Joint Committee on Economic Justice and Equal Employment Opportunity; the Education Committee, and the Science, Innovation and Technology Committee. Timberlake has a B.A. in political science and an MPA from Seton Hall University.