New Foreclosure Laws are a Boon to New Jersey’s Common Interest Communities

On April 29, 2019, Governor Murphy signed into law changes to the Condominium Act and the Planned Real Estate Development Full Disclosure Act (PREDFDA). The new law expands condominium associations’ six month priority lien to renew annually for up to five (5) years. Moreover, by adding the lien priority provisions to PREDFDA, HOA’s are now also able to assert the same priority liens as condominiums. These changes give common interest communities greater relief from the financial burdens imposed by the foreclosure process, especially from the unpaid assessments that are associated with foreclosure