By Darryl R. Isherwood | November 15th, 2012 - 3:51pm
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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.

The Back Room

Christie takes state helicopter to campaign in Connecticut

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Quote of the Day

quote of the day

"Gov. Chris Christie says he won’t campaign for the Republican gubernatorial candidate in New York because the cause is hopeless: Gov. Andrew Cuomo is ahead by more than 30 points. But he will campaign in New Hampshire, over and over, where the Republican is also trailing by more than 30 points. What’s the reason? It may be that New Hampshire holds the nation’s first presidential primary. It may be that he doesn’t want to mess with Cuomo, who knows where the skeletons are buried at the Port Authority. But one thing is certain: Gov. Straight Talk is spinning again. And it seems to be habit-forming." - columnist Tom Moran

- Star-Ledger

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