S 3046
Concerns expedited process for foreclosing vacant and abandoned residential properties in uncontested actions.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill aims to expedite the foreclosure process for vacant and abandoned residential properties in New Jersey, particularly in uncontested actions. It clarifies the definition of ‘vacant and abandoned’ property, including specific conditions that indicate abandonment, and establishes procedures for lenders to seek summary foreclosure proceedings. Furthermore, it provides mechanisms for common interest communities to manage abandoned units through the appointment of a fiscal agent and to compel delinquent association fees from lenders.
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