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

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 would be responsible for maintaining the unit and ensuring payment of association fees, but licensees placed in the unit would not have anti-eviction protections and could be required to vacate on short notice. The bill emphasizes the need for compliance with court rules and aims to protect the interests of both the community and the mortgage holders while addressing the challenges posed by vacant properties.

Statutes affected:
Introduced: 2A:50-73