REAL ESTATE LAW

Speeding up Foreclosures on Abandoned Residential Properties

New law permits an expedited process if the home at issue is not occupied

, New Jersey Law Journal

   | 1 Comments

In an attempt to assist with resolving the foreclosure crisis or, at least, expediting the foreclosure process in New Jersey, on Dec. 6, 2012, Gov. Chris Christie signed into law an act permitting lenders to file a summary action to expedite the foreclosure process if the property at issue is deemed vacant and abandoned residential property.

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What's being said

  • Dave

    Someone needs to address the situation where borrowers have indicated that they are ready willing and able to surrender the property and the bank refuses to accept a deed in lieu of foreclosure. I have seen multiple instances where especialy in condos, clients have been asssessed post -bankruptcy charges on condominiumms they have indicated a willingness to surrender. If the lenders were willing to accept the deeds in lieu, they could avoid the necessity of this accelerated process on a large number of delinquent properties.

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