New Jersey S65 requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.

New Jersey S65 mandates that mortgage lenders maintain vacant, age-restricted dwelling units during foreclosure. If a unit in an age-restricted community becomes vacant during foreclosure, a community representative must notify the creditor. The creditor must then pay monthly maintenance fees, cover common expenses, and maintain the unit. Failure to do so allows the community to pursue the same recourse as against the original owner.

New Jersey S65 requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.

New Jersey S65 mandates that mortgage lenders maintain vacant, age-restricted dwelling units during foreclosure. If a unit in an age-restricted community becomes vacant during foreclosure, a community representative must notify the creditor. The creditor must then pay monthly maintenance fees, cover common expenses, and maintain the unit. Failure to do so allows the community to pursue the same recourse as against the original owner.