September2017

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FORECLOSURE REFORM IN NEW JERSEY: AN UPDATE

By George Greatrex, Esq., Shivers, Gosnay & Greatrex, LLC

I n the September 2016 issue of Community Trends ® , I reported on “zombie foreclosures” and the ongoing efforts to reform New Jersey’s foreclosure laws and practices. I commented that if you ask the board members of the 6,700 New Jersey community associations to provide the top three issues hindering their community governance, their issues would be diverse. The answers

would probably include such matters as insurance claims that increase premiums, or the collection of overdue assess- ments from owners driving new model cars, or complaints of owners not cleaning up after their pets. But it’s safe to say that more often than not, the issue of vacant and aban- doned homes in foreclosure (known as “zombie foreclosures”) in their communities ranks near the top of their list. They are unsightly, unsafe, unsanitary, and worst of all, the owners of such properties rarely pay their Association assessments, withholding valuable resources from their association and increasing the financial burden on those responsible members who do pay their assess- ments. I also commented that it is safe to say that anyone who initiates, supports and works to advance a piece of legis- lation through the legislative process learns early on that to

George Greatrex, Esq. is a partner with the Cherry Hill law firm of Shivers, Gosnay & Greatrex, LLC, a CAI Business Partner, and serves as the Vice-Chair of CAI’s NJ-LAC and liason to the PA/DELVAL-LAC. His practice focuses on community association law, and his firm represents approximately 180 community associations in South and Central New Jersey. Mr. Greatrex can be contacted via email at ggreatrex@sgglawfirm.com.

Courtesy CAI-NJ.

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