In an attempt to assist with resolving the foreclosure crisis or, at least, expediting the foreclosure process in New Jersey, on Dec. 6, 2012, Gov. Chris Christie signed into law an act permitting lenders to file a summary action to expedite the foreclosure process if the property at issue is deemed vacant and abandoned residential property.
Proponents of the act hope that it will help stabilize the residential real estate market by reducing the time it takes to complete certain foreclosures, and thereafter return the property to an occupied status, by permitting the lender to have the sheriff conclude a sale in short order. It is anticipated that the act will benefit both lenders and borrowers and, therefore, New Jersey as a whole, by reducing the cost and time associated with litigating residential mortgage foreclosure actions.
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