Reynolds-Jackson, Verrelli Bill to Require Notification of Ownership Changes on Foreclosed Properties Now Law

Reynolds-Jackson, Verrelli Bill to Require Notification of Ownership Changes on Foreclosed Properties Now Law

 

(TRENTON) – Aiming to keep accurate ownership data of properties in foreclosure, legislation sponsored by Assembly members Verlina Reynolds-Jackson and Anthony Verrelli (Both D-Mercer, Middlesex, Hunterdon) was signed into law on Monday.

Under previous law, some owners that acquire foreclosed properties have to provide such notice, but creditors that have already provided notice to the municipality of the institution of a foreclosure action are exempt from this notice requirement.

The new law (A-2964) will eliminate that exemption to ensure that municipalities and common interest communities are made aware of all ownership changes following foreclosures in a timely manner.

The sponsors issued the following response to the legislation:

“Trenton, like many other cities throughout the state, has an overwhelming amount of abandoned and foreclosed homes cluttering neighborhoods and communities. Ownership has been difficult to track for many of them when it comes time to reach them for maintenance or sale inquiries. 

    “Requiring change in ownership information to be shared with relevant parties could be of use to prospective purchasers and tenants of foreclosed residential properties who seek to confirm ownership of these properties. We can ensure that municipalities and common interest communities can keep accurate data on their overall housing stock and address the recent problem of individuals falsely claiming to own foreclosed properties and fraudulently leasing or selling them.”

 

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