Published August 22, 2014
By Carlos Avila

TRENTON— Vacant and abandoned properties are a major problem plaguing communities all over New Jersey including the Greater Trenton area. In a show of bi-partisan support Democrat legislators and Governor Chris Christie, a Republican, have made law a bill that helps empower municipalities to take action against creditors who fail to maintain vacant properties.

According to Assembly Speaker Vincent Prieto’s office, the new law (A-1257) gives municipal officials the au-thority to issue citations and impose fines to ensure that creditors fulfill their responsibility to maintain unoccu-pied residential properties on which a summons and complaint in an action to foreclose has been filed.

“Vacant properties are neighborhood eyesores that attract pests and criminal activity and drag down property values,” said Prieto (D-Bergen/Hudson). “Municipalities will now be able to take action against creditors who create nuisance situations for neighborhoods and municipalities by failing to maintain vacant properties that are set for foreclosure.

The problem of vacant homes is rampant in Trenton. Vacant and unkempt properties bring down overall proper-ty values and are often incubators for drug dealing, prostitution and other quality of life issues.

According to a report conducted by Rutgers University the Trenton-Ewing area is ranked 15th in the nation for foreclosure rates.

“It’s simply unfair that individuals who put in the time and effort to maintain their properties suffer because the owners of surrounding vacant properties don’t make a similar investment,” said Daniel Benson (D-Mercer/Middlesex). “Diligent property owners deserve the defense against the negligence of others that this new law provides.”

According to a report issued by the Housing Community Development Network of NJ, New Jersey is currently the State with the highest share of mortgages in foreclosure in the nation. Mortgage Bankers Association esti-mates 8.12 percent of all mortgaged homes in New Jersey were in the process of foreclosure during the first three months of 2014.

The new law signed by Gov. Christie, now states that in-state creditors found to be in violation of any ordi-nance, rule or regulation adopted pursuant to the law would be subject to a minimum fine of $1,500 for each day of the violation. Out-of-state creditors would be subject a $2,500 fine, at minimum. At least 20 percent of any money collected would have to be used for code enforcement purposes.

The law also requires out-of-state creditors foreclosing on a residential property to designate an in-state person or entity responsible for maintenance of the property.