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Committee advances bill allowing counties to run public online foreclosure auctions
Summary
A2777 authorizes counties to require public online foreclosure sales, caps vendor fees charged to bidders or sheriffs at $1,000 per auction and allows a 20% deposit; the committee released the bill after supporters filed in favor and no witnesses testified against it.
The Assembly Housing Committee advanced A2777, the New Jersey Online Foreclosure Sale Act, which would permit counties to require foreclosure sales be conducted in a public online forum run by the sheriff or an authorized vendor.
The bill authorizes counties to contract with vendors for online sale services, limits the total of fees charged by a vendor to a bidder, sheriff or other authorized person to $1,000 per auction, and allows a successful bidder to pay a 20% deposit either immediately or within a timeline established by the sheriff for online sales. Sponsors said the proposal would move sales from in-person sheriff auctions to publicly accessible online auctions to attract more bidders and increase competition.
Several supporters filed in favor and did not need to testify; the committee voted to release the bill unanimously during roll call.
If enacted, counties would be able to adopt online platforms for foreclosure sales subject to the fee cap and deposit rules laid out in the bill.
