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By Jennifer Sciortino | March 17th, 2014 - 5:28pm
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Assembly Democrats News Release

Caputo, Prieto, Tucker, Eustace & Wimberly Bill to Ward-Off Blight on Foreclosed Homes Clears Senate Panel

Measure Would Require Mortgage Lenders to Maintain Foreclosed Homes

(TRENTON) - Legislation Assembly Democrats Ralph Caputo, Vincent Prieto, Cleopatra Tucker, Tim Eustace and Benjie Wimberly sponsored to allow municipalities to require mortgage lenders to maintain vacant homes during foreclosure proceedings advanced in the Senate on Monday.

The bill would help municipalities prevent residential properties that have gone through foreclosure from deteriorating and promoting neighborhood blight.

“The ongoing foreclosure crisis has caused vacant residential properties to crop-up in communities across the state,” said Caputo (D-Essex). “Homes have been abandoned everywhere from urban to rural and suburban communities across New Jersey. We must do all we can to ensure New Jersey neighborhoods continue to be vibrant and thriving communities as we work our way through this crisis.”

This bill (A-347) allows a municipality to require a creditor who initiates a foreclosure proceeding against a residential property located in the municipality to maintain the property in accordance with state and local housing codes if the property becomes vacant during the foreclosure proceeding.

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