TRENTON – Gov. Chris Christie signed into law Thursday a bill that will expedite the foreclosure process for abandoned and dilapidated properties.
Sen. Ray Lesniak, (D-20), issued a statement today applauding the governor for signing off on his legislation, S2156. The senator’s bill will authorize banks or other lenders to bring summary actions to foreclose mortgages on vacant and abandoned residential property.
“This law will help alleviate the foreclosure crisis that plagues many communities in New Jersey. We have the second-highest foreclosure rate in the country and the problem is exacerbated by the large number of properties that are abandoned and falling into disrepair as they await official foreclosure action,” Lesniak said in a statement.
“This will accelerate the timetable for turning these properties around by making them into livable homes,” he said. “The expedited procedures will allow lenders to bring summary actions to foreclose mortgages on vacant and abandoned residential property.”