Creditors Must Maintain Abandoned Property Before Foreclosure Is Completed

New Jersey Law Journal published Joy Harmon Sperling and Michael J. Fitzpatrick's article "Creditors Must Maintain Abandoned Property Before Foreclosure Is Completed" in its July 1 issue. The article discussed Assembly Bill A347 signed into law on May 15 by Gov. Chris Christie. The new law, which will become effective July 14, authorizes municipalities to impose penalties on creditors that fail to timely remedy code violations and/or abate nuisances on vacant residential properties in foreclosure, even if the creditor does not own the property and has no intention of taking ownership of it.