This bill aims to streamline the process for mortgage lenders to foreclose on vacant and abandoned residential properties, specifically in uncontested actions. It stipulates that lenders can pursue a summary action for foreclosure only if the action is uncontested, and any defenses or objections must be accompanied by an affidavit confirming they are not intended to delay the process. Additionally, the bill allows the board of a common interest community to file a motion to compel lenders to pay outstanding association fees if the lender has not initiated the expedited foreclosure process. The motion must include an affidavit detailing the uncontested nature of the action, and if approved, the court may order the lender to pay the fees or appoint a fiscal agent.

Furthermore, the bill introduces provisions for appointing a fiscal agent to manage abandoned or unoccupied units within planned real estate developments. The fiscal agent would be responsible for maintaining the unit and ensuring payment of association fees and assessments. Importantly, any licensee placed in the unit by the fiscal agent would not have anti-eviction protections, and the fiscal agent could terminate the license agreement at any time, providing a short accommodation period for the licensee to vacate. This legislation seeks to enhance the remedies available to common interest communities while expediting the foreclosure process for vacant properties.

Statutes affected:
Introduced: 2A:50-73