Requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires mortgage lenders in New Jersey to maintain vacant, age-restricted dwelling units during foreclosure. Specifically, lenders must notify the municipal clerk and mayor about foreclosure proceedings and take steps to maintain the property, including paying maintenance fees and addressing any code violations. If the property becomes vacant after the lender files a foreclosure action, the lender is responsible for maintaining the unit to the same standard as the original owner. The bill also outlines procedures for notifying the municipality and potential penalties for failing to maintain the property.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
James Holzapfel
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