BILL TO SPEED UP FORECLOSURE PROCESS ADVANCES IN TRENTON

Legislation sponsored by Assemblyman Bob Andrzejczak to reduce the length of the foreclosure process was advanced by an Assembly panel on Thursday. The bill would supplement New Jersey’s “Fair Foreclosure Act” in order to expedite foreclosures of residential properties and proceed to a public sale in uncontested actions. With the foreclosure process spanning three years from the filing of the notice of intention to foreclose until the sheriff’s sale in many instances, New Jersey has one of the longest average foreclosure timelines in the nation, Andrzejczak said. The bill could reduce that time frame to about five months, he said.