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CAPUTO & VAS INTRODUCE MEASURE TO REQUIRE MORTGAGE LENDERS TO MAINTAIN VACANT HOMES DURING FORECLOSURE
By thesterCAPUTO & VAS INTRODUCE MEASURE TO REQUIRE MORTGAGE LENDERS TO MAINTAIN VACANT HOMES DURING FORECLOSURE
Measure Aims to Ensure Foreclosed Homes Don’t Prompt Blight
(TRENTON) – Assemblymen Ralph Caputo and Joseph Vas have introduced legislation to allow municipalities to require mortgage lenders to maintain vacant homes during foreclosure proceedings.
The bill would help municipalities prevent residential properties that have gone through foreclosure from deteriorating and promoting neighborhood blight.
“The ongoing national foreclosure crisis has caused vacant residential properties to crop-up in communities across the state,” said Caputo (D-Essex). “Homes have been abandoned everywhere from urban to rural and suburban communities across New Jersey. We must do all we can to ensure New Jersey neighborhoods continue to be vibrant and thriving communities as we work our way through this crisis.”
The bill (A-3125) would require a creditor that serves a notice of intention to foreclose on a home mortgage to simultaneously serve the municipality with a copy of the same notice. Also, the bill would allow a municipality to force a creditor to correct any housing code violations on the foreclosed home within 30 days.
“We have a responsibility to help our communities that have been crippled by the mortgage crisis by requiring mortgage companies to be responsible and support the quality of life our residents deserve,” said Vas (D-Middlesex).
The bill would allow fines of up to $2,000 for creditors who violate the law.
The bill has been referred to the Assembly Housing and Local Government Committee.
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Mental Midgets
These two Einsteins believe that asking mortgage companies to "maintain" foreclosed houses is a sign that neither have ever had a job outside of government.
So a mortgage company already on the verge of going bankrupt is going to "maintain" a building during the day while the crackheads take the improvements out at night. There really is an argument for requiring legislators to take IQ tests.