Contact Us
Make My Homepage

New law aims for better maintenance of NJ’s foreclosed properties

A new law allows New Jersey municipalities to adopt ordinances to regulate the care and maintenance of foreclosed properties.

foreclosure
Spencer Platt, Getty Images

Signed into law this month, the law holds out-of-state creditors responsible for the maintenance of residential property through the appointment of an in-state representative to work with the municipality.

“By having an agent designated, it allows a municipality to go after that agent on behalf of the foreclosing bank, and collect what it needs to collect to keep the properties upkeep,” said State Senator Chris Connors, the measure’s sponsor.

While existing laws already require creditors to maintain their foreclosed properties, Connors said having an agent streamlines the process and enables municipalities to better enforce local ordinances and avoid jurisdictional issues.

Additionally, having the agent allows municipalities to have more oversight on maintenance in cases where the bank is outside of New Jersey and lets them hold a local entity responsible in cases of negligence.

“If [municipalities] do not receive a reply [from local agents or the banks], the municipality can either evoke court action by way of an injunction or they can actually perform the required maintenance and repairs themselves assess it as a lien against the property,” Connors said.

Unmaintained homes can adversely affect the property values of surrounding residents, Connors said, especially in a struggling real estate market.

“They become eyesores the neighborhood, thereby causing a devalue in property in the communities.”

Provisions of the new law take effect immediately.

Best of NJ 101.5

Recommended For You

Around the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://nj1015.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.