This bill amends the existing expedited process for foreclosing vacant and abandoned residential properties in New Jersey, specifically stipulating that this process is only available for uncontested actions. 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 proceedings. If a defense is presented without this affidavit, it 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.

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 that association fees and assessments are paid. Importantly, any licensee placed in the unit by the fiscal agent will not have anti-eviction protections, and the fiscal agent can terminate the license agreement at any time, providing a short accommodation period for the licensee to vacate. This legislation aims to streamline the foreclosure process while enhancing the rights of common interest communities regarding abandoned properties.

Statutes affected:
Introduced: 2A:50-73