To make sure vacant properties do not sit empty for very long, Assembly Democrats John Armato, Carol Murphy and Benjie Wimberly released the following statement on their bill (A-5005) to ensure foreclosure sales of vacant or abandoned properties are conducted within 60 days of foreclosure judgment. The measure was approved Wednesday by the Assembly Housing and Community Development and Financial Institutions and Insurance Committees.
Assemblyman John Armato (D-Atlantic): “Most New Jerseyans can point to a property in their neighborhood that hasn’t seen an owner or tenant for years on end. Some of these properties become eyesores from lack of upkeep, and diminish the quality of life in the community. Setting an exact timeframe for foreclosed properties to be sold will help alleviate this problem.”
Assemblywoman Carol Murphy (D-Burlington): “Foreclosure is a serious problem in New Jersey. Not only does our state lead the nation in foreclosures, but it can also be challenging for those foreclosed properties to be sold in a timely manner. This bill will make sure that sales are conducted within 60 days, and if a sheriff is unable to conduct a sale in that time period, require the foreclosing plaintiff to apply to the court to appoint a Special Master or judicial agent to hold the sale.”
Assemblyman Benjie Wimberly (D-Bergen, Passaic): “Once a property is foreclosed, it’s in the best interest of the surrounding neighbors that it is sold shortly thereafter. No one wants to see a property fall into disrepair because there’s no one to take care of it. Enforcing the sale of these properties will expedite turnover and help bring an end to the lengthy foreclosure process.”