CAI-NJ’s Legislative Action Committee has issued a call to action for all New Jersey community associations.
Assembly Bill No. 3823 is scheduled for a vote before the New Jersey General Assembly on Thursday, January 4, 2018. This proposed legislation seeks to amend the law, which currently allows for an expedited mortgage foreclosure process (although not mandatory) for vacant and abandoned (“zombie”) properties. Specifically, this legislation proposes to allow community associations to either: (1) compel payment of association fees by the mortgage lender when the lender fails to proceed with the foreclosure process on a vacant and abandoned property in an expedited fashion; or (2) compel the appointment of a fiscal agent (receiver) over the abandoned property.