Housing (Mortgages)

This bill requires mortgage lenders to maintain vacant, age-restricted housing units (typically senior living communities) during foreclosure proceedings. Lenders must notify municipalities within 10 days of filing foreclosure actions and provide contact details for property maintenance representatives. If a vacant unit becomes a safety hazard or code violation, the lender - not the municipality - must address it within 30 days, or face penalties. The bill applies specifically to properties designated as age-restricted under New Jersey law, ensuring continued upkeep during legal proceedings.

S 3046 creates a faster court process for foreclosing on residential properties that are verified as vacant and abandoned, directly affecting lenders and property owners in such cases. It requires lenders to prove abandonment through specific evidence (like disconnected utilities or neighbor reports) and skips the standard "notice to cure" requirement. The bill allows summary judgment if the court confirms abandonment and there are no objections (uncontested cases), with strict service rules for property notices. This applies only to residential properties, not timeshares, and doesn’t change other foreclosure rules. The bill is currently pending in the Senate Community and Urban Affairs Committee.

This bill would create a New Jersey program providing up to $10,000 in matching grants to help eligible military members purchase homes. It directly affects members of the U.S. Armed Forces and New Jersey National Guard who served at least 90 days in Operation Noble Eagle, Enduring Freedom, or Iraqi Freedom, are legal New Jersey residents, and plan to buy a primary residence in the state. The grants match the recipient's contribution dollar-for-dollar for closing costs or equity payments, with no income requirement (though priority would go to those eligible for other state housing programs). The program would be administered by the New Jersey Housing and Mortgage Finance Agency in coordination with the Department of Military and Veterans Affairs. The bill is currently pending in the Senate Military and Veterans' Affairs Committee.