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New Jersey Statutes, Title: 2A, ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE
Chapter 50: No personal deficiency judgment in foreclosure actions or execution thereon for balance due
Section: 2A:50-56.2: Response by servicers to offer relative to short sale.
2. a. A servicer shall respond to a good faith offer from a seller, seller's agent, or authorized third party to purchase the property through a short sale within 60 days of the date of the offer. A response would include an approval, a denial, or a request for further information. If the servicer decides not to approve a short sale, or fails to respond to the seller's, seller's agent's, or authorized third party's offer within 60 days, any deposit made by the buyer in connection with the purchase of the property shall be refunded in its entirety and the potential purchaser shall have no further obligation with respect to the sale or other disposition of the property.
b. Nothing in this section shall constitute a limitation on the ability of the servicer and debtor to participate in the New Jersey Judiciary's Foreclosure Mediation Program or any other form of mediation or settlement discussion, or enter into an agreement as a result of that mediation or settlement discussion.
L.2017, c.157, s.2.
This section added to the Rutgers Database: 2017-08-18 11:35:05.
Older versions of 2a:50-56.2 (if available):
Court decisions that cite this statute:
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