This bill amends the existing expedited process for foreclosing vacant and abandoned residential properties in New Jersey, specifically stipulating that such expedited actions are only available in uncontested cases. It requires that any defense or objection to the expedited foreclosure must be accompanied by an affidavit affirming that the defense is not intended solely to delay the process; defenses presented without this affidavit will not be considered by the court unless good cause is shown. Additionally, the bill introduces provisions allowing the board of a planned real estate development to compel lenders to pay outstanding association fees if they fail to pursue the expedited foreclosure process, provided that the motion is supported by an affidavit detailing the uncontested nature of the action.

Furthermore, the bill allows the board of a common interest community to apply for the appointment of a fiscal agent to manage abandoned or unoccupied units. The fiscal agent will be responsible for maintaining the unit and ensuring payment of association fees and assessments, but any licensee placed in the unit will not have anti-eviction protections and can be required to vacate on short notice. The bill aims to enhance the remedies available to common interest communities regarding the management of vacant properties while streamlining the foreclosure process for lenders.

Statutes affected:
Introduced: 2A:50-73