Legislation in New Jersey, Ohio Aimed at Expediting Lengthy Foreclosure Process
The state governments in both New Jersey and Ohio are taking aim at shortening the long, drawn out residential foreclosure process in their respective states.
Legislation in the New Jersey General Assembly aimed at significantly reducing the lengthy time it takes to complete a foreclosure on a residential property has been advanced by an Assembly panel, according to a press release.
The foreclosure process currently takes about three years on average in New Jersey from the time the notice of intention is filed until the sheriff’s sale. The sponsor of the bill, Democrat Bob Andrzejczak, says the bill will reduce that time period down to about five months.
“South Jersey’s depressed housing market is just one consequence of lengthy foreclosure proceedings that have left some properties in disrepair,” Andrzejczak said. “This legislation will help move the region toward increased home sales and an overall improved economic outlook.”
Andrzejczak’s bill (A-4075) is intended to supplement New Jersey’s “Fair Foreclosure Act,” and would allow residential properties to proceed to public auction when the foreclosure is uncontested.
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