New Jersey Legislature Contemplates Setting Statute of Limitations for Residential Foreclosure Actions

Proposed Legislation: Currently pending in the New Jersey Legislature is bill A2263.  This bill seeks to codify previous caselaw and to amend the Fair Foreclusure Act to delineate the appropriate statute of limitations for lenders to institute residential mortgage foreclosures.  It provides that an action must be commenced upon the earlier of: (a) six years from the date that the last payment under the mortgage was supposed to have been made; or (b) twenty years from the date that the debtor defaulted on the mortgage obligations, if he has not properly cured that default. 

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