LLCs and investors are grabbing most of the properties. Time to recalibrate the scale.
reflected an understanding that a house is more about a family’s sanctuary than extracting equity and moving on to the next investment, so with thousands of New Jersey homeowners facing such peril every month, we urge lawmakers to get a revised bill back on the governor’s desk quickly.
That gives them a decided advantage over other investors – usually LLCs, backed by large-scale investors -- who are intent on flipping them for profit. The governor’s chief concern with the bill was a provision that caps the “upset price” -- the minimum price at which a home can be sold for at auction — to 50% of whatever is owed on the property. Bankers protested that it could lead to strategic defaults, with next-of-kin grabbing the property for half of what was due.
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