Governor Murphy Signs Two Additional Foreclosure Measures

Gov. Phil Murphy last week sign into law two foreclosure measures that he conditionally vetoed in May. The bills were part of a larger bi-partisan package of foreclosure-related measures passed by the Legislature in March and he signed into law on April 29. 

The two additional measures would require Department of Community Affairs (DCA) to produce and maintain database concerning residential properties under foreclosure (A5000) and provide that deed restrictions on affordable housing units are not extinguished by foreclosure proceedings (S362).

The nine foreclosure-related bills signed into law in April are:

  • A664 - Codifies the Judiciary's Foreclosure Mediation Program; dedicates monies from foreclosure filing fees and fines.
  • A4997 - "Mortgage Servicers Licensing Act."
  • A4999 - Requires filing of certain creditor contact information with residential mortgage foreclosure complaint and lis pendens.
  • A5001 - Revises statute of limitations for residential mortgage foreclosures.
  • A5002 - Permits certain planned real estate developments to file certain liens; concerns limited priority of certain liens.
  • S3411 - Requires receivership appointment application prior to certain foreclosure actions; requires notice of intention to foreclosure on residential mortgage to be filed within 180 days prior to commencing foreclosure; limits reinstatements of dismissed mortgage foreclosure actions.
  • S3413 - Makes certain changes to summary action foreclosure process under "Fair Foreclosure Act."
  • S3416 - Clarifies that "New Jersey Residential Mortgage Lending Act" applies to certain out-of-state persons and involved in residential mortgage lending in the State.
  • S3464 - Revises certain procedures for real estate foreclosure sales; alters adjournment of sale process.