We’re pleased to report that two foreclosure reform bills favorable to common interest communities in New Jersey (A5002/S3414 and A5005/S3413), which were part of a larger package of bills addressing the foreclosure crisis in New Jersey, were passed unanimously by both the New Jersey Senate and the New Jersey Assembly yesterday, and now head to the Governor for his signature. A5002 extends CIC lien priority to HOAs (where until now it was only applicable to condominiums), and also extends the one-time 6 month lien priority to an annual 6 month lien priority. S3413 shortens the time period within which a Sheriff’s Sale must take place after foreclosure judgment has been entered on a vacant and abandoned property. The Governor now has 45 days to sign the legislation…
Foreclosure reform is one of the main legislative and regulatory priorities of CAI’s Legislative Action Committee (LAC) in New Jersey, and once signed into law will ease the financial burden on common interest communities caused by unpaid assessments and vacant and abandoned properties.
You can learn more about the legislation here: www.njleg.state.nj.us
