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 only pursue expedited foreclosure 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, if a lender fails to file for expedited proceedings, the board of a planned real estate development can compel the lender to pay outstanding association fees through a court motion, provided it meets specific requirements.

Furthermore, the bill introduces provisions allowing the board of a common interest community to apply for the appointment of a fiscal agent to manage abandoned or unoccupied units. This fiscal agent would be responsible for maintaining the unit and ensuring payment of association fees, but licensees placed in these units would not have anti-eviction protections. The fiscal agent can terminate license agreements at will, with a minimum notice period of 72 hours for vacating the unit. Overall, the bill enhances the remedies available to common interest communities while ensuring a more efficient foreclosure process for vacant properties.

Statutes affected:
Introduced: 2A:50-73