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WISNIEWSKI / SCHAER / SPENCER BILL SETTING 20-YEAR STATUTE OF LIMITATIONS FOR FORECLOSURES CLOSER TO BECOMING LAW
By thesterWISNIEWSKI / SCHAER / SPENCER BILL SETTING 20-YEAR STATUTE OF LIMITATIONS FOR FORECLOSURES CLOSER TO BECOMING LAW
(TRENTON) – Legislation Assembly members John Wisniewski, Gary Schaer and L. Grace Spencer sponsored to codify a timeframe under which a lender can file a foreclosure action against a borrower who in is default is closer to becoming law.
The bill (A-3269) would give a mortgage lender 20 years from the date of a borrower’s default to bring a specific foreclosure action. It would ensure that decades-old defaults – which under previous law could still be acted against – do not remain as clouds on a property’s title, which can grind a sale to a halt.
“Given the current volatility in the housing market, there is no room for ambiguity,” said Wisniewski (D-Middlesex). “A distinct path to a clear title can be the difference between allowing a property to be sold or requiring it to languish in legal purgatory.”
“Past defaults, even if they never lead to a formal action of foreclosure, shouldn’t be allowed to hang over a property in perpetuity,” said Schaer (D-Passaic/Bergen/Essex). “This is an area of law that should have been settled decades – if not a century – ago.”
The bill would provide the following time limits between when a lender defaults on a loan and when the mortgage holder can bring an action of foreclosure:
• Six years from the date of maturity on the mortgage, matching the statute of limitations in current contract law;
• 36 years from the date of recording or execution of the mortgage, provided the mortgage itself does not provide for a period of repayment in excess of 30 years; or
• 20 years from the date of default.
“As we look to jumpstart the housing market and give new homeowners the keys to their future, especially in cities hard-hit by the foreclosure crisis, creating this legal certainty is more important than ever,” said Spencer (D-Essex).
The bill recently passed both the Assembly and the Senate.
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