NJ Assembly OKs Foreclosure Maintenance Bill

Law360, New York (February 28, 2014, 5:52 PM EST) -- The New Jersey General Assembly on Thursday passed legislation that would empower municipalities to compel creditors to maintain residential properties if they become vacant as a result of foreclosure, a measure aimed at combating neighborhood blight.

In a 72-2 vote, the Assembly approved A347, which would allow municipalities to make creditors responsible for the upkeep of residential properties should homeowners vacate the property due to a foreclosure. The bill, which passed swiftly with no floor debate, would require creditors to notify the local municipal clerk of...
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