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Bipartisan legislation sponsored by Assembly Deputy Republican Leader Anthony M. Bucco that would accelerate the foreclosure process on vacant or abandoned property was signed into law today by Governor Christie.
Bucco’s legislation, S-2156, would establish a summary action to foreclose mortgages on vacant or abandoned properties if courts find convincing evidence that a residential property is deserted during an uncontested foreclosure process.
“When there is clear evidence and no dispute that a residence is abandoned, we can eliminate bureaucracy and allow the lawful owner to improve a property and remove an eyesore in the community without legal delay,” Bucco, R-Morris and Somerset, said. “This law preserves protections to make sure a property is abandoned without wasting unreasonable time in court.”
Under the bill, a debtor who no longer resides in an abandoned property will still be afforded their due process right under the Anti-Eviction Act in order to resolve a foreclosure action.
“I thank Governor Christie for signing this law, which will reduce court back logs and more importantly remove blighted properties from our communities without an overly lengthy process,” Bucco said.
The new law does not supersede or limit other procedures a court may use to resolve residential mortgage foreclosure actions, including mediation.
Assemblyman Anthony M. Bucco / 973-927-2526
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