Foreclosure on abandoned properties can be a different process than typical foreclosure. There are different criteria for lenders, and the foreclosure process can be different. If you’re facing foreclosure, you may wonder if simply abandoning your property may help you avoid the entire process, but there’s more to know about this tactic before you decide to abandon your property.
As a homeowner, abandoning a property is not a recommended way to go through foreclosure. Abandoned property foreclosure requires allowing your property to go into abandonment and then be foreclosed on.
At Denbeaux Law, we understand that through natural disasters or other circumstances out of your control, abandoning a property may be unavoidable in some cases. Unless you have no other options and your home is ruined to the point that it makes more sense for you to go through with foreclosure, there is always an option to sell your home or negotiate with your lender to keep your home from foreclosure.
Contact Denbeaux Law today to learn more about foreclosure on vacant or abandoned properties and how we may be able to help you.
What Is a New Jersey Abandoned Property?
New Jersey state law defines certain criteria that must be met for a property to be considered vacant and abandoned in N.J.S.A § 2A: 50-73. At least two of the below criteria must be present for a property to be declared vacant and abandoned:
- Overgrown or neglected vegetation
- Accumulation of newspapers, circulars, flyers, or mailers on the property
- Disconnected gas, electricity, water, or utility services
- Accumulation of hazardous, noxious, or unhealthy substances or materials on the property
- Accumulation of junk, litter, trash, or debris
- Absence of window treatments such as blinds, curtains, or shutters
- Absence of furnishings and personal items
- Statements from neighbors, delivery persons, or government employees indicating that the residence is vacant and abandoned
- Windows or entrances to the property are boarded up or closed off, or multiple window panes are damaged, broken, and unrepaired
- Doors to the property are smashed through, broken off, unhinged, or continuously unlocked
- Risk to the health, safety, or welfare of the public or any adjoining or adjacent property owners due to act of vandalism, loitering, criminal conduct, or the physical destruction or deterioration of the property
- Uncorrected violation of the municipal building, housing, or similar code during the preceding or an order by the municipal authorities declaring the property to be unfit for occupancy and to remain vacant and unoccupied
- The mortgagee or another authorized party has secured or winterized the property due to the property being deemed vacant and unprotected or in danger of freezing
- A written statement issued by any mortgagor expressing the clear intent of all mortgagors to abandon the property
- Any other reasonable indication of abandonment
While these criteria could lead to a property being declared vacant and abandoned, just because a property meets two of these criteria does not mean it will be declared abandoned. There are exemptions. For example, property going through construction or renovation would not be considered vacant or abandoned.
Foreclosure on Abandoned Property
If your mortgage company can prove that a property is vacant, they could be granted a streamlined foreclosure. In a streamlined foreclosure, the foreclosure process moves faster.
Working with a foreclosure attorney can be a good idea for homeowners looking to stop foreclosure. An experienced attorney can be especially helpful in abandoned property foreclosure. Your attorney can help you review the criteria for an abandoned property and determine if it applies to your home.
Contact a Foreclosure Attorney Today
Foreclosure on any property can be overwhelming, no matter the circumstances. Having a property declared vacant and abandoned in foreclosure can be even more confusing.
The criteria for a property to be considered vacant and abandoned can be simple to meet. It’s important to consider all of the relevant factors and potential exemptions from vacancy. A foreclosure attorney can help you prepare your case to avoid foreclosure on your home.
Contact Joshua Denbeaux to learn more about how we may be able to help you stop foreclosure and keep your home.
