Thomas C. Martin, Esq. of the firm’s Community Association Law Practice Group and member of the Legislative Action Committee of the Community Associations Institute is very pleased to announce that two landmark foreclosure reform bills favorable to common interest communities in New Jersey (A5002/S3414 and A5005/S3413) have been signed into law today by the Governor at a special signing session in Atlantic City on April 29, 2019.
Namely, A5002/S3414 now extends common interest community maintenance fee lien priority to homeowner associations (whereas until now it only applied to condominiums). This law now also extends the prior one-time six month maintenance fee lien priority to an annual recurring six month maintenance fee lien priority.
Additionally, A5005/S3413 shortens the time period within which a sheriff’s sale must take place after foreclosure judgment has been entered on vacant and abandoned properties.
Mr. Martin has been on the forefront of this legislative effort for several years and is happy to have been a part of this effort to bring much needed foreclosure reform to our community associations across the State of New Jersey.
