Creditors would be responsible for upkeep and repairs of vacant property engaged in foreclosure proceedings under a bill moved by the Senate Community and Urban Affairs Committee today.
The bill (S1740) is sponsored by Sen. Ronald Rice and supplements existing law that requires the creditor to perform upkeep on foreclosed property.
If the residential property becomes vacant at any time after the creditor files notice of intention to foreclose, but before the property is transferred to a third party, and if the municipality determines that the property is in violation of any applicable state or local housing or safety codes, the municipality may give the creditor notice of the violation, and require the creditor to correct the violation.
Under the bill, the creditor would be required to correct any violations within 30 days of receiving notice of the violation. If the creditor fails to remedy the violation within 30 days, the municipality would be able to impose penalties for the violation that are consistent with municipal ordinances under current law.
The initial bill as introduced was substituted for a bill supplementing existing law after an analysis showed it similar to law passed in 2008.
President Barack Obama will return to New Jersey next week to tour the Jersey Shore with Gov. Chris Christie.Read More >
Christie cuts Jersey Shore reopening ribbon on “Today’ Show Gov. Chris Christie is walking the Jersey shore Friday morning along with members of the TODAY show. The governor is appearing on the morning news program ahead of the Memorial Day weekend. The TODAY show appearance is the first of...
By Tedford J. Taylor No topic is a less likely conversation-starter than our eventual deaths. Still, there is a lot to talk about. When polled, about 90 percent of people presented with end-of-life scenarios prefer the prospect of dying at home with... Read More >
"Hudson must support Hudson." - state Senator/North Bergen Mayor Nick Sacco.- PolitickerNJ.com
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.