NJ A713

Mortgage lenders become responsible for paying monthly maintenance fees, common expenses, and maintaining vacant dwelling units in age-restricted communities during foreclosure proceedings, with the same obligations as title owners under community bylaws

Age-restricted communities may notify creditors when units become vacant or abandoned after foreclosure filings, triggering the creditor's maintenance and payment responsibilities until title transfers

Communities gain the same legal recourse against creditors who fail to maintain units or pay fees as they would have against the original property owner under community rules

Nonpayment of condominium or age-restricted community maintenance fees and common expenses becomes an official indicator of property vacancy or abandonment under existing foreclosure law

The bill takes effect 90 days after enactment and amends P.L.2008, c.127 and P.L.2012, c.70