Assemblyman CRAIG J. COUGHLIN
District 19 (Middlesex)
Assemblyman PATRICK J. DIEGNAN, JR.
District 18 (Middlesex)
Assemblywoman NELLIE POU
District 35 (Bergen and Passaic)
Assemblywomen Jasey, Wagner and Assemblyman O'Donnell
Requires owner of foreclosed property to file contact information with municipality.
CURRENT VERSION OF TEXT
An Act requiring owner taking title to certain residential property through sheriff’s sale to register with municipality and supplementing Title 46 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The owner of any non-owner occupied residential property who takes title to the property as the result of a sheriff’s sale or deed in lieu of foreclosure shall provide notice, within three business days, to the municipal clerk, or any other designated municipal official, of the municipality wherein the property is located providing the name and address of the owner. If the owner is not located within New Jersey, then the owner shall designate an agent within New Jersey, including the agent’s address, who is authorized to accept service of process on behalf of the property owner.
2. This act shall take effect immediately.
This bill would require that an owner who takes title to a residential property through either a sheriff’s sale or a deed in lieu of foreclosure must provide the municipality where the property is located with the owner’s contact information within three business days. If the owner does not reside in New Jersey, then the owner shall designate a representative who is authorized to accept service of process on behalf of the owner and provide the representative’s contact information to the municipality.
The sponsor notes that the recent foreclosure crisis has resulted in a substantial increase in the number of abandon residential properties throughout the State. The vacant properties drain municipal coffers by lowering the value of surrounding homes, attracting criminal elements, and at times require the municipality to perform routine maintenance which should be the responsibility of the property owner. This bill would ensure that the individual or entity which owns the property can be contacted by the municipality, and if necessary issued a summons to appear in municipal court for violations of any applicable municipal code provisions.