TRENTON – Assembly lawmakers signed off on legislation designed to speed up the foreclosure process in certain cases.
The bill, A3248, would authorize banks or other lenders to bring summary actions to foreclose mortgages on vacant and abandoned residential property.
According to the bill, a court may enter a final residential mortgage foreclosure judgment if it finds that the residential property is vacant and abandoned and that a review of the documents filed with the court supports the entry of a final judgment.
The proposal cleared the Assembly floor following little discussion and a unanimous vote.
Senate lawmakers voted 35-2 to pass the bill out of the upper chamber earlier this month. It now heads to the governor’s desk.
The legislation is essentially a companion bill to another proposal that would help transform foreclosed properties into affordable housing. The bill, A3413/S2157, cleared two Senate committees along party lines but has yet to be taken up in the lower chamber.