CAI-NJ Sept.2018(w)(1)

New Jersey Foreclosure Reform Efforts: EXPEDITED FORECLOSURES AND RECEIVERS

By Thomas C. Martin, Esq. Member, Legislation Action Committee Partner, Price Meese Shulman & D’Arminio, P.C.

T he New Jersey chapter of the Community Associations Institute (CAI-NJ) and the members of the Legislative Action Committee in conjunction with our advocates in Trenton have undertaken the critically important task of trying to create new and innovative ways to address and correct the woeful state of the foreclosure process in New Jersey. The current bill on which we are all working to get passed has been assigned number A2085 in the State Assembly and number S1243 in the State Senate. These are the current numbers for these bills for this leg- islative session. As you may recall from civics class, the bill has to pass the State Assembly, pass the State Senate and then has to be signed by the Governor before it

becomes a law. This can be a Herculean task espe- cially when, as is the case here, there are other groups substantially opposed to our efforts to get reasonable common-sense legislation passed. We feel strongly this bill will benefit the approximate 1.2 million New Jersey taxpayers who own property in a common interest own- ership associations. It is for this reason many members of the Legislative Action Committee have been devoting their own personal time and resources to make every effort to get Trenton to adopt this very important piece of legislation. We have all seen the problem far too many times. For example, a lender extends a mortgage to an owner who did not have the income to pay the mortgage. The CONT I NU E S ON PAGE 16

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