New Jersey passed a bill amending “notice of intention to foreclose” (Notice) requirements. Under the bill, if a mortgage is secured by a residence for which a restriction on affordability was recorded (in the county in which the property is located), the Notice must also be sent to: the clerk of the municipality in which the property is located; the municipal housing liaison (if one has been appointed by the municipality); and the Commissioner of Community Affairs. “Restriction on affordability” is defined as any condition recorded with a mortgage or a deed that would limit the sale of the property to income qualified households pursuant to regulations adopted under the Fair Housing Act. In addition, the bill amends the required content of the Notice. The bill went into effect June 25, 2019.
See New Jersey Legislature website for the full text of the Statutes:https://www.njleg.state.nj.us/2018/Bills/S0500/362_R2.PDF
