On Monday, Governor Murphy signed a package of bills intended to help address the zombie foreclosure issue that plagues the Garden State. For those unfamiliar with the term, zombie foreclosure is a situation where a home is left vacant by the homeowner prior to the mortgager actually foreclosing and taking responsibility for the property. This leads to properties being left unused and falling into disrepair, impacting property values around them and creating public safety hazards.
The League was supportive of these bills as the impact of foreclosures can most directly be felt at the municipal level. Often times additional municipal resources are needed to ensure public safety around abandoned properties and when these properties fall into disrepair it drags down the local quality of life and economy. We would like to thank the sponsors of the various bills and the Governor for the action on this important issue.
For more information on this package of bills, including a list of all bills signed into law, please see the Governor’s press release.
Contact: Frank Marshall, Esq., League Staff Attorney, firstname.lastname@example.org, 609-695-3481 ext. 137.