Modifies procedures for determination and payment of fair market value in distressed municipalities; concerns real property that is abandoned, vacant, or subject to unpaid taxes.

Summary

If enacted, this bill would modify procedures for determining and paying fair market value for abandoned, vacant, or tax-delinquent properties in distressed municipalities in New Jersey. It would affect lenders, servicers, and investors by establishing new valuation requirements and payment timelines for such properties. The bill primarily impacts entities holding mortgages on properties in qualifying municipalities.