New Jersey | Housing, Banking Advocates Hail Bill to Speed Foreclosures of Abandoned Homes

Housing, banking advocates hail measure to speed foreclosures of abandoned homes

A piece of state legislation that looks to turn foreclosed homes into affordable housing also contains a little-noted provision that banking and housing experts say would provide an important step to unclogging the bottleneck holding back the state’s housing recovery.

A bill introduced last month by Sens. Raymond Lesniak (D-Union) and Barbara Buono (D-Middlesex), along with a parallel measure in the Assembly, would create a legal mechanism to move abandoned properties more quickly through New Jersey’s enormously bogged-down foreclosure pipeline.

This process would allow mortgage lenders such as banks to petition Superior Court to expedite a foreclosure on properties they have reason to believe are abandoned and vacant. If the court agrees, it would then direct a sheriff, county agency or trustee to sell the property within 45 days.

While this expedited process would be used ostensibly to create a pool of homes that municipalities and community groups can purchase for affordable housing, supporters say its purpose goes beyond that mandate, in that the abandoned properties could be resold at market rates, too.

On top of that, shunting a segment of properties out of the state’s judicial foreclosure process would help alleviate some of the backlog weighing down the state.

“What’s happening right now is not the best way,” said Michael Affuso, director of government relations for the New Jersey Bankers Association.

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4 Responses to “New Jersey | Housing, Banking Advocates Hail Bill to Speed Foreclosures of Abandoned Homes”
  1. lvent says:

    They all belong in the clink..!

  2. Ali says:

    That’s right on IV and it should start on the local level and move right up to the top. Where in the hell do they think all the peole went, abandoned my ass, they were tortured out their homes.

  3. Lawrence Stantson says:

    They keep talking about bottlenecks, slow downs and other Diana Orlick type news-speak as if people lives, and who lived in the homes are not worth even worth discussing on reporting on. It’s nuts, I mean what about the people who bought the houses because they were in need of housing? The corporate media is another enemy to freedom. The Vultures who want to seize all these houses for pennies want to make a profit, it is not about housing.

  4. lvent says:

    I can see no logical explantion for this other than they all want us to vote them out and take over.

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