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TRENTON – A bill sponsored by Senator Raymond J. Lesniak which would create an expedited process for lenders to foreclose on abandoned, dilapidated properties was approved by the Senate today by a vote of 35-2. The measure is part of a larger legislative package sponsored by Senator Lesniak to address New Jersey’s foreclosure crisis.

“New Jersey is second-worst in the nation – behind only Florida – in the number of seriously delinquent home loans which are at risk of foreclosure,” said Senator Lesniak, D-Union. “The worsening foreclosure crisis is exacerbated by the number of homes which sit abandoned, awaiting official foreclosure action, and reducing residential property values in the surrounding area in the meantime. Through this legislation, we hope to reduce the timetable for turning these homes around, reducing urban and suburban blight and transforming these properties into livable homes.”

TRENTON – A pair of bills sponsored by Senate Economic Growth Committee Chairman Raymond J. Lesniak which would begin to address New Jersey’s foreclosure crisis by creating an expedited process for foreclosure on abandoned, dilapidated properties, and by creating a mechanism to transform abandoned properties to affordable and market-rate housing was approved by the Committee yesterday.

The bills represent different aspects of S-1566, legislation Senator Lesniak introduced earlier this year which was vetoed by Governor Christie.

“I believe the Governor should reconsider this important legislation and have streamlined the process to hopefully address his concerns,” said Senator Lesniak, D-Union. “The foreclosure crisis in New Jersey is driving down residential property values, causing urban and suburban blight, contributing to increased crime rates, and exacerbating itself by making homes surrounding an abandoned, dilapidated property all but unsellable. We need to take action on this crisis, and begin to turn foreclosed, abandoned properties into affordable homes for New Jersey’s middle class.