New Jersey passed a bill directing the Department of Community Affairs (Department) to produce a database that details the extent to which residential properties in New Jersey are under foreclosure pursuant to the “Fair Foreclosure Act”. Per the bill, a lender issuing a notice of intention to foreclose must provide the Department with a copy and a description of the subject property. In addition, within 10 days of serving a summons and complaint in a foreclosure action, the lender must notify the Department, all public utilities that provide services in the municipality, and municipal and county officials that a foreclosure action has been filed against the property.
The bill
becomes effective April 1, 2020.
See New Jersey Legislature website for the full text of the Statutes:
