Assemblyman Craig Coughlin has been selected to serve on the State Judiciary’s Special Committee on the Residential Foreclosure Process to help examine the factors that contributed to New Jersey’s prolonged foreclosure crisis.
“I’m honored and eager to serve and assist in examining New Jersey’s residential foreclosure process,” said Coughlin (D-Middlesex). “The foreclosure crisis is a major factor in our slow economic recovery following the recession and has created an untold burden on families and municipalities throughout the state. It’s crucial that we streamline this process to mitigate any unnecessary hardship in the future and reduce backlogs in our court system.”
Since the recession of 2008, New Jersey has consistently had one of the highest foreclosure rates in the country, overwhelming the state’s court system at times. Coughlin will bring his experience as a practicing attorney and former municipal judge to the committee.
The committee, which will be chaired by Judge Glenn Grant, Acting Administrative Director of the New Jersey Courts, has been tasked with reviewing and recommending any changes to the New Jersey residential foreclosure practice. Specifically, the committee will review the current foreclosure process in New Jersey in comparison to the judicial process in other states, while also reviewing practices related to notice/service of judgment creditors, lack of prosecution, foreclosure mediation, and foreclosure sales, and recommend other changes towards reducing judicial timeframes.
Once completed, the Special Committee will submit a detailed report with its recommendations to Supreme Court Chief Justice Stuart Rabner.