On February 7th, A-5005 was introduced in the New Jersey Legislature by Assembly Democrats John Armato, Carol Murphy and Benjie Wimberly.

Following is the summary of the proposed bill. Is this the issue regarding zombie foreclosures? Is the delay in the Sheriff’s office or the court system? Everything I’ve heard or seen it’s mostly the latter.

Can’t see this getting a smooth ride. Should the bank incur additional costs (application to the court for an order appointing a Special Master or judicial agent to hold the foreclosure sale) as a result of failure by the sheriff’s office to meet its requirements (requirement to sell the property within 60 days of the sheriff’s receipt of any writ of execution issued by the court)??

To view a press release from the bill’s sponsors, please click here.

To view the current text of the bill, please click here.

Statement (Summary)

This bill amends the summary action foreclosure process under the “Fair Foreclosure Act,” to ensure that foreclosure sales of vacant and abandoned properties are conducted within 60 days of a foreclosure judgment. Under current law, if the court makes a finding in a foreclosure judgment that the property is vacant and abandoned, the sheriff is required to sell the property within 60 days of the sheriff’s receipt of any writ of execution issued by the court. The law further provides that if it becomes apparent the sheriff cannot comply with that provision, the foreclosing plaintiff may apply to the court for an order appointing a Special Master or judicial agent to hold the foreclosure sale.
This bill amends current law to provide that when a sheriff cannot conduct a sale within 60 days, the foreclosing plaintiff will be required to apply to the court for an order appointing a Special Master or judicial agent to hold the foreclosure sale. The bill provides that the foreclosure sale would be held within 60 days of the date of application to the court.