Bankers are appealing to state Supreme Court officials, legislators and their state regulator to speed up the commercial property foreclosure procedure, or else move the processing out of the judicial system.
John McWeeney, president of the New Jersey Bankers Association, said the group’s members are concerned that uncontested commercial foreclosures that used to take six to nine months now take a year and a half or more.
Delays are costing banks money and forestalling a real estate market recovery, the bankers say.
"We feel we need to get these foreclosures behind us to start to let the real estate market recover," said McWeeney. "If we can expedite commercial foreclosures, that would shorten the queue for the residential foreclosures."
Read on.
How the system works in NJ
1. The lender sends a notice of intention to foreclose to the property owner.
2. After 30 days, the lender may then file a foreclosure complaint with the Superior Court clerk in Trenton.
3. The property owner has 35 days to respond.
4. Contested foreclosures are transferred to the Superior Court where the property is located.
5. Non-contested filings are processed in Trenton.
Source: New Jersey Judiciary
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