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  • NJ A2060
  • Establishes process for consideration of offers from short sale buyers during residential mortgage foreclosures.
In Committee
Crossed Over
2016-2017 Regular Session
This bill amends and supplements New Jersey's "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et al.), to require residential mortgage loan servicers to engage in consultations on short sales with prospective buyers, and to respond to short sale offers from buyers within certain time periods. The bill requires a mortgage loan servicer to respond to a good faith offer from a seller, seller's agent, or authorized third party to purchase the property through a short sale within 60 days of the date of the offer. A response would include an approval, a denial, or a request for further information. If the servicer decides not to approve a short sale, or fails to respond to the seller's, seller's agent's, or authorized third party's offer within 60 days, any deposit made by the buyer in connection with the purchase of the property shall be refunded in its entirety and the potential purchaser shall have no further obligation with respect to the sale or other disposition of the property. Nothing in the bill would constitute a limitation on the ability of the servicer and debtor to participate in the New Jersey Judiciary's Foreclosure Mediation Program or any other form of mediation or settlement discussion, or enter into an agreement as a result of that mediation or settlement discussion. The bill would take effect on the 60th day following enactment.
Commerce, 2nd Reading in the Assembly, 2nd Reading in the Senate, Bills and Joint Resolutions Signed by the Governor, Passed Assembly, Passed both Houses
Approved P.L.2017, c.157.  (on 7/21/2017)
Date Chamber Action Description
7/21/2017 S Approved P.L.2017, c.157.
6/19/2017 S Passed Senate (Passed Both Houses) (39-0)
6/19/2017 S Substituted for S2333
6/1/2017 S Reported from Senate Committee, 2nd Reading
6/1/2017 Senate Commerce Hearing (19:00 6/1/2017 )
7/14/2016 S Received in the Senate, Referred to Senate Commerce Committee
6/30/2016 A Passed by the Assembly (76-0-0)
5/12/2016 A Reported out of Assembly Committee, 2nd Reading
5/12/2016 Assembly Housing and Community Development Hearing (14:00 5/12/2016 Committee Room 9, 3rd. Floor)
1/27/2016 A Introduced, Referred to Assembly Housing and Community Development Committee
Date Motion Yea Nay Other
Detail 6/19/2017 Senate Floor: Third Reading - Final Passage 39 0 1
Detail 6/19/2017 Senate Floor: Substitute For S2333 (Voice Vote) 0 0 0
Detail 6/1/2017 Senate Commerce Committee: Reported Favorably 6 0 0
Detail 6/30/2016 Assembly Floor: Third Reading - Final Passage 76 0 4
Detail 5/12/2016 Assembly Housing and Community Development Committee: Reported Favorably 6 0 0