CAI-NJ has been working with a number of legislators, most notably Senator Ronald Rice (D – Essex) and Assemblyman Carmelo Garcia (D – Hudson) on foreclosure reforms that should help our member communities deal with abandoned properties and association fee delinquencies. Amongst the several proposals under consideration are:
- A statewide task force, consisting of representatives from CAI-NJ, the Bankers Association, and the Realtors Association amongst others, charged with making recommendations to assist lawmakers develop a comprehensive response to the foreclosure crisis;
- An process for expediting uncontested foreclosures;
- Legislation allowing for rent receivership statewide;
- A uniform process for the recording of deeds so Associations know who is responsible for foreclosed properties;
- Requiring lenders to assume responsibility for the maintenance of properties and association fees upon foreclosures.