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30 S E P T E M B E R , 2 0 1 6
ued into this current legislative session.
The Senate version has already suc-
cessfully cleared the Community and
Urban Affairs Committee, and has been
referred to the Budget Committee (a
necessary step in the process). While
the mortgage banking lobby has
expressed some concerns with the
bills, the NJ‑LAC has been in dis-
cussions with that group and are
hopeful of an agreement on the final
language. It is expected that these
bills will be finalized and voted on
by the full chambers of the New
Jersey Legislature, then sent to the
Governor’s desk, before the end of
this year. This needed reform in the
foreclosure process can’t come soon
enough for most community associa-
tions across our state.
Another item of good news: in 2014
a law was passed that authorizes
municipalities to adopt ordinances that
require foreclosing lenders to main-
tain up to local codes the exterior
of vacant homes subject to foreclo-
sure proceedings, or face stiff fines
(NJSA 40: 48-2.12s). Many munici-
palities across New Jersey have adopt-
ed such ordinances. If your town has
not yet adopted such an ordinance, you
are encouraged to contact your town’s
governing body and strongly suggest
they do so. Amendatory language to
this law was introduced last year which
would require lenders foreclosing on
vacant and abandoned properties to
likewise maintain the interior of such
units, but it was not approved before the
end of last year’s legislative session. It
has not yet been introduced in the cur-
rent legislative session. Stay tuned…n
ZOMBIE FORECLOSURES...
from page 29.
Hueston McNulty, P.C.
Defense and General Counsel
Serving New Jersey, New York & Pennsylvania
A Professional Corporation
N
Value–Experience–Quality
We provide our Association clients with qual-
ity and strive to solve the problem–
resolve the issue–and make life easier for our
Associations and their property managers.
Samuel J. McNulty, Esq.
Tel: 973-377-0200 / Fax: 973-377-6328
Florham Park - Sparta - Toms River - Philadelphia - Manhattan
Who canYOUR Association
count on today for guidance in
Transition and Construction
Defect Litigation?
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