CAI-NJ Sept. 2019update

HML-4337 CAI Dec 2013_1/2 pg vertical 11/22/13 10:48 AM Page 1

FORECLOSURE... from page 27.

Keep your Association sharp – in all seasons.

when a foreclosure last 5 years (which is common) the Association can recov- er 2 ½ years of maintenance, plus a reasonable counsel fee instead of only six months of maintenance fees and no recourse to seek a counsel fee reimbursement. The prior law was inadequate in today’s environment of foreclosures last- ing several years as the annual budget was continually broken through no fault of the paying unit owners. Now, with the recurring annual 6 month priority, a foreclosure lasting several years is not a “budget busting” event. Your association should check with your legal counsel for details and spe- cifics about this groundbreaking new law and how it may apply to your association. In addition to the recurring annual priority for maintenance fees, another new law, A5005/S3413, signed on April 29, 2019, now shortens the time period within which a sheriff’s sale is required to be held and conducted “The prior law was inadequate in today’s environment of foreclosures lasting several years...”

Value–Experience–Quality Being prepared and responsive is what distinguishes our firm. We strive to solve the problem–resolve the issue and make life easier for our Associations and their property managers. Hueston McNulty, P.C. Association General Counsel and Experienced Trial Attorneys Samuel J. McNulty, Esq. smcnulty@huestonmcnulty.com /www.huestonmcnulty.com

Tel: 973-377-0200 / Fax: 973-377-6328 Offices: Florham Park, NJ; Toms River, NJ; Blue Bell, PA; and New York, NY

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