Foreclosure Bills Released From Committee :: The Construction Management Pro

Foreclosure Bills Released From Committee

Source: NJ Builders Association

Two NJBA strongly supported bills were released by the Senate Economic Growth Committee. NJBA CEO Timothy Touhey testified in support of bills and warned that an excess inventory of foreclosed homes or distressed properties will only continue to be a drain on the housing market, depress home values and delay an economic recovery.

S2156 (Lesniak) would establish an expedited foreclosure procedure for vacant and abandoned property in uncontested matters. This bill would give the Courts the tools necessary to handle not only the existing backlog of pending foreclosures, but also the large number of expected foreclosures now that the judicial moratorium has been lifted.

S2157 (Lesniak) would establish the “Foreclosure Relief Corporation” as a temporary entity within the New Jersey Housing and Mortgage Finance Agency (HMFA). Its mission will be to act as a clearing house for foreclosed residential properties and to work with municipal governments, housing non-profits and qualified investors to effectively address the excess inventory of foreclosed residential properties in an expedited fashion.

The Senate bills are likely to be referred to the Senate Budget and Appropriations Committee. The companion Assembly bills are likely to be introduced in the near future.

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