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Phil Murphy Governor of New Jersey speaks at Governor's Conference on Housing and Economic Development at Harrah's Atlantic City Tuesday Oct 2, 2018. Press of Atlantic City / Edward Lea Staff Photographer

Governor Murphy is expected to sign legislation addressing the state's foreclosure crisis Monday in Atlantic City.

A package of bipartisan bills officials hope will keep more property owners in their homes and shorten how long a home sits vacant passed both the house and the assembly at the end of March, NJ Spotlight reported.

The bills came after the state's Special Committee on Residential Foreclosures released its report in September 2018 and proposed several legislative solutions to address foreclosures.

According to the committee, foreclosures peaked in the state at more than 65,000 in 2009.  

In March, New Jersey still had the second highest rate in the country with one in every 1,021 homes reportedly in some stage of the foreclosure process, according to real estate information company Realty Trac. Cumberland and Atlantic counties had the top two highest rates in the state respectively.

The committee recommended revising existing state laws such as the Fair Foreclosure Act to ensure officials give effective notice to homeowners while also enforcing "fair but expeditious" timeframes.

Specifically, it suggested expediting case initiation, giving more time after adjournment of a sale for property owners and creating parameters for foreclosure counseling and mediation programs.

It also suggested creating new legislation to establish a statewide foreclosure database to track properties in various stages of the foreclosure process.

Atlantic City currently has its own list of more than 500 abandoned properties that officials continue to update. Murphy plans to sign legislation at Dante Hall Theater at 12:45 p.m.

Along with signing legislation, Murphy will also mark the beginning of New Jersey State Trooper application period at the NOBLE Region I Education and Training Conference at the Hard Rock Hotel & Casino at 11:45 a.m.

Contact: 609-272-7239

aauble@pressofac.com

Twitter @AublePressofAC

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