On May 15, Gov. Chris Christie signed into law Assembly Bill A347, which authorizes municipalities to impose penalties on creditors that fail to timely remedy code violations and/or abate nuisances on vacant residential properties in foreclosure, even if the creditor does not own the property and has no intention of taking ownership of it. The bill amends N.J.S.A. 46:10B-51, which outlines the procedure for notifying municipalities about a foreclosure filing and establishes certain rules regarding vacant properties in foreclosure that violate state statutes or local ordinances. The bill will become effective July 14.
Bill A347 provides that, when residential property is vacated or abandoned by the title-owner, the foreclosing creditor is responsible for abating any nuisances and correcting any code violations in the same manner and to the same extent as the title-owner. If the creditor fails to bring the property into compliance within the prescribed time, a municipality may impose penalties directly on the delinquent creditor in the same manner as it can with the title-owner.
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