New Jersey Governor Chris Christie signed a much discussed foreclosure law this week, by agreeing to push forward with a piece of legislation that allows lenders to file a summary action to foreclose on mortgages when they are linked to vacant and abandoned properties.
Attorney Joy Harmon Sperling, a partner at Day Pitney LLP, discussed the provisions of the bill, outlining when a home can be considered vacant for the purposes of speeding up the foreclosure process.
The bill requires parties to present "clear and convincing evidence" to the court that the real estate is vacant and abandoned.
New Jersey is a state that continues to deal with a backlog of foreclosures and long foreclosure timelines. The bill was proposed to help speed up the process of moving vacant, distressed real estate through the system to restore the property and neighborhoods.
Click here to read all of the provisions outlined by Sperling on the Mondaq website.