New Jersey passed a bill extending the timing requirement for a foreclosure sale involving vacant and abandoned property. Under the bill, a sheriff must now hold a foreclosure sale within 90 days (rather than 60 days) of receipt of the writ of execution when the court finds in the foreclosure judgment that the property is vacant and abandoned. In addition, if a property subject to foreclosure becomes vacant and abandoned after the foreclosure judgment is issued, the bill allows the foreclosing lender or servicer to submit an application for an expedited foreclosure sale to the court. The lender or servicer’s application must include a certification that the property is vacant and abandoned. Upon receipt of the application, the court must issue an order directing the sheriff to sell within 90 days of the date of the application (rather than 150 days for property that isn’t vacant and abandoned). The bill becomes effective May 30, 2019.
See New Jersey Legislature website for the full text of the Statutes: https://www.njleg.state.nj.us/2018/Bills/S3500/3413_R3.PDF
