NJ A3306

Limits the expedited foreclosure process for vacant and abandoned residential properties to uncontested actions only, requiring any defense or objection to include an affidavit stating it is not solely to delay proceedings

Allows boards of planned real estate developments to file a motion compelling mortgage lenders to pay outstanding association fees when lenders fail to pursue available expedited foreclosure procedures for vacant properties

Authorizes common interest community boards to petition the Superior Court to appoint a fiscal agent over abandoned or unoccupied units to manage, license, insure, and maintain the property

Fiscal agents may collect license fees and apply payments first to their management costs (10%), then to current and past-due association maintenance fees, and finally to mortgage debt payments on a pro rata basis

Licensees placed in units by fiscal agents do not receive anti-eviction protections and may be required to vacate with as little as 120 hours notice for any reason