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Publications Events

Speeding up Foreclosures on Abandoned Residential Properties

Publisher: New Jersey Law Journal
January 28, 2013
Day Pitney Author(s) Joy Harmon Sperling

In a January 28th article for the New Jersey Law Journal, Day Pitney partner and Consumer Finance and Creditors' Rights practice group chair Joy Harmon Sperling and associate Kathy Trawinski analyze the implications of a recently signed New Jersey law allowing an expedited foreclosure process on property that has been judged vacant and abandoned. Joy and Kathy write, "Proponents of the act hope that it will help stabilize the residential real estate market by reducing the time it takes to complete certain foreclosures, and thereafter return the property to an occupied status, by permitting the lender to have the sheriff conclude a sale in short order. It is anticipated that the act will benefit both lenders and borrowers and, therefore, New Jersey as a whole, by reducing the cost and time associated with litigating residential mortgage foreclosure actions."