New Jersey Gov. Phil Murphy has signed into a law a bill that protects home equity in foreclosure sales. Under the bill, homeowners would receive the equity remaining after the loan balance and accrued interest is paid.

The legislation was a needed update after a recent Supreme Court ruling found property owners, or their heirs, have the right to a foreclosure sale and can keep the equity after debts are paid. This does not apply to abandoned properties.

<p>New Jersey Gov. Phil Murphy has signed into a law a bill that protects home equity in foreclosure sales. Under the bill, homeowners would receive the equity remaining after the loan balance and accrued interest is paid.</p>
<p>The legislation was a needed update after a recent Supreme Court ruling found property owners, or their heirs, have the right to a foreclosure sale and can keep the equity after debts are paid. This does not apply to abandoned properties.</p>

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