TRENTON — Legislation sponsored by Assemblyman Bob Andrzejczak to reduce the length of the foreclosure process was advanced by an Assembly panel on Thurs.
“South Jersey’s depressed housing market is just one consequence of lengthy foreclosure proceedings that have left some properties in disrepair,” said Andrzejczak (D-Cape May/Cumberland/Atlantic). “This legislation will help move the region toward increased home sales and an overall improved economic outlook.”
The bill (A-4075) would supplement New Jersey’s “Fair Foreclosure Act” in order to expedite foreclosures of residential properties and proceed to a public sale in uncontested actions.
Under the legislation, a mortgage lender or a lien holder whose lien is authorized by law to be foreclosed in the same manner as a residential mortgage would be permitted to file a motion for expedited judgment and sale if its action to foreclose on real property is uncontested.
With the foreclosure process spanning three years from the filing of the notice of intention to foreclose until the sheriff’s sale in many instances, New Jersey has one of the longest average foreclosure timelines in the nation, Andrzejczak said. The bill could reduce that time frame to about five months, he said.
The measure was released by the Assembly Financial Institutions and Insurance Committee.
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