New Jersey Governor Phil Murphy today signed a bipartisan legislative package into law that he says will help New Jerseyans struggling with the state’s highest-in-the-nation foreclosure rate.
The new laws will assist homeowners facing the prospect of foreclosure and pave the way for community revival by addressing blight.
Many of the measures were recommended in a September 2018 report by the Special Committee on Residential Foreclosures, which was created by Chief Justice Stuart Rabner.
“The foreclosure crisis has hurt our economy and jeopardized economic security of too many New Jersey families,” said Governor Murphy. “Our communities cannot succeed while vacant or foreclosed homes sit empty or while families live in limbo. I am proud to sign these bills into law today and get New Jersey closer to ending the foreclosure crisis.”
Among the bills, Governor Murphy signed A664, which codifies the Judiciary’s Foreclosure Mediation Program into law, creating a long-term, permanent program that will not only increase the number of people entering mediation, but also ensure that homeowners receive housing counseling assistance to help provide them with the best possible outcomes in the foreclosure process.
The Governor signed the following nine bills into law:
- A664 – Codifies the Judiciary’s Foreclosure Mediation Program; dedicates monies from foreclosure filing fees and fines.
- A4997 – “Mortgage Servicers Licensing Act.”
- A4999 – Requires filing of certain creditor contact information with residential mortgage foreclosure complaint and lis pendens.
- A5001 – Revises statute of limitations for residential mortgage foreclosures.
- A5002 – Permits certain planned real estate developments to file certain liens; concerns limited priority of certain liens.
- S3411 – Requires receivership appointment application prior to certain foreclosure actions; requires notice of intention to foreclosure on residential mortgage to be filed within 180 days prior to commencing foreclosure; limits reinstatements of dismissed mortgage foreclosure actions.
- S3413 – Makes certain changes to summary action foreclosure process under “Fair Foreclosure Act.”
- S3416 – Clarifies that “New Jersey Residential Mortgage Lending Act” applies to certain out-of-state persons and involved in residential mortgage lending in the State.
- S3464 – Revises certain procedures for real estate foreclosure sales; alters adjournment of sale process.