New Jersey Updates Law on Post-Foreclosure Notification

New Jersey recently approved a bill that requires all creditors that acquire title to any non-owner occupied residential property following foreclosure to notify the municipality where the property is located as well as any common interest community the property is part of, if applicable.  The law previously had an exception from the notice requirements for creditors who had already provided notice to the municipality of a foreclosure action.  The newly approved bill removed this exception. 

A statement accompanying the bill when it was introduced stated that requiring this information be shared could be helpful to prospective buyers and tenants of the foreclosed properties, “who seek to confirm ownership of such properties and help address the recent problem of individuals falsely claiming to own these properties and fraudulently leasing or selling them.”