NJ S2708

Requires sheriffs to deliver executed deeds to successful bidders within 90 days of sale (increased from two weeks) and grants foreclosed defendants a 90-day right of redemption after the sale date by paying the judgment amount plus interest, fees, and expenses.

Removes tenants from the right of first refusal to purchase foreclosed properties, limiting this right to foreclosed defendants and their next of kin who can demonstrate financial hardship, illness, divorce, death in family, or predatory loan practices.

Imposes a renewable 30-year deed restriction on properties purchased by nonprofit community development corporations, requiring future sales to households earning no more than 120% of area median income or rentals to households earning no more than 80% of area median income.

Requires individual bidders who finance purchases with reduced 3.5% deposits to occupy the property as their primary residence for at least 84 months, with fines up to $100,000 for first violations and $500,000 for subsequent violations if they fail to comply.

Prohibits foreclosing plaintiffs from contacting foreclosed defendants, next of kin, or nonprofit corporations to inquire about participation in sheriff's sales, and bars attempts to delay sales based on such parties' intent to participate.