New Jersey Legislature Passes Important Foreclosure Reforms for Community Associations

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New Jersey Legislature Passes Important Foreclosure Reforms for Community Associations

New Jersey Legislature Passes Important Foreclosure Reforms for Community Associations

Lexology-

For years, organizations that work with community associations, along with association residents, have lobbied for reforms to the foreclosure system in New Jersey. As of this writing, two bills currently sit on Governor Murphy’s desk which, when signed, will make small strides towards easing the burden felt by community associations when saddled with numerous properties in foreclosure.

In the aftermath of the financial crisis and housing bubble, New Jersey quickly claimed the infamous honor of leading the nation in annual foreclosures, with more than 70,000 foreclosures each year. Due to the length of time needed to complete a foreclosure (estimated at the end of 2017 to average 1,300 days), community associations have routinely been faced with subsidizing units being foreclosed upon for long stretches of time.

Making matter worse, many lenders have chosen to delay foreclosure efforts on vacant and abandoned units. When a unit or home in a community association stops paying maintenance fees, the burden falls on all other owners in that community to pick up the tab. If the lender delays foreclosure of that unit, or if the court system is otherwise unable to timely complete the foreclosure, the burden on the association and its members is felt for years.

[LEXOLOGY]

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