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 the affidavit is not provided, the court will not consider the defense or objection unless good cause is shown. Additionally, the bill allows lenders to file for a summary action to foreclose on properties deemed vacant and abandoned, provided they meet specific criteria, including evidence of abandonment and unsuccessful attempts to serve the mortgagor.

Furthermore, the bill enhances the remedies available to common interest communities regarding the foreclosure of vacant units. If a lender fails to pursue the expedited process, the community's board can file a motion to compel the lender to pay outstanding association fees, supported by an affidavit detailing the uncontested nature of the action. The bill also permits the board to apply for the appointment of a fiscal agent to manage abandoned or unoccupied units, with the authority to maintain the unit and collect fees. Notably, licensees placed in these units will not have anti-eviction protections, and the fiscal agent can terminate the license agreement without creating a tenancy.

Statutes affected:
Introduced: 2A:50-73