Establishes an expedited foreclosure process for vacant and abandoned residential properties in uncontested actions.

The bill revises the expedited foreclosure process for vacant and abandoned residential properties in New Jersey. It allows lenders to initiate summary actions in uncontested cases, expediting the foreclosure process. The bill also provides remedies for common interest communities, enabling the board to apply for a fiscal agent to manage and maintain abandoned units. The fiscal agent can license the use of the unit and collect payments. The bill defines "vacant and abandoned" properties based on specific conditions and exempts them from certain anti-eviction protections.

Establishes an expedited foreclosure process for vacant and abandoned residential properties in uncontested actions.

The bill revises the expedited foreclosure process for vacant and abandoned residential properties in New Jersey. It allows lenders to initiate summary actions in uncontested cases, expediting the foreclosure process. The bill also provides remedies for common interest communities, enabling the board to apply for a fiscal agent to manage and maintain abandoned units. The fiscal agent can license the use of the unit and collect payments. The bill defines "vacant and abandoned" properties based on specific conditions and exempts them from certain anti-eviction protections.