New Jersey A713 mandates mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.

New Jersey A713 requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure. The bill outlines specific obligations for creditors to maintain these units, including paying monthly maintenance fees and common expenses. If a creditor fails to maintain the unit, the community can take recourse against the creditor. The bill also defines "vacant and abandoned" properties and sets procedures for foreclosure actions on such properties. It emphasizes that these provisions do not affect tenants' rights under existing laws.

New Jersey A713 mandates mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.

New Jersey A713 requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure. The bill outlines specific obligations for creditors to maintain these units, including paying monthly maintenance fees and common expenses. If a creditor fails to maintain the unit, the community can take recourse against the creditor. The bill also defines "vacant and abandoned" properties and sets procedures for foreclosure actions on such properties. It emphasizes that these provisions do not affect tenants' rights under existing laws.