New Jersey approves nine new bills to help mitigate impacts of foreclosed property to the State
New Jersey: Nine new bills addressing foreclosure property have been signed into law, due to concerns for mounting foreclosure impacts to the State.
The Bills approved are:
- A664: Codifies the Judiciary's Foreclosure Mediation Program; dedicates monies from foreclosure filing fees and fines.
- A4997: Creates the "Mortgage Servicers Licensing Act."
- A4999: Requires filing of certain creditor contact information with residential mortgage foreclosure complaint and lis pendens.
- A5001: Revises statute of limitations for residential mortgage foreclosures.
- A5002: Permits certain planned real estate developments to file certain liens; concerns limited priority of certain liens.
- S3411: Requires receivership appointment application prior to certain foreclosure actions; requires notice of intention to foreclosure on residential mortgage to be filed within 180 days prior to commencing foreclosure; limits reinstatements of dismissed mortgage foreclosure actions.
- S3413: Makes certain changes to summary action foreclosure process under "Fair Foreclosure Act."
- S3416: Clarifies that "New Jersey Residential Mortgage Lending Act" applies to certain out-of-state persons and involved in residential mortgage lending in the State.
- S3464: Revises certain procedures for real estate foreclosure sales; alters adjournment of sale process.
In summary, the new laws were designed to: expedite mortgage foreclosure proceedings, assist cities with funding and actions for sales, help resolve accrued penalties against owners, increase notification for parties involved, increase mortgager accountability, and attempt to help families involved in their home being foreclosed upon.
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