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Foreclosure Reform Bills Proposed in New Jersey

Updated 4/30/19: The office of New Jersey Governor Phil Murphy issued a press release outlining the approval of a package of bills aimed at improving foreclosure rates across the state.

Included is A4997 (Mortgage Servicers Licensing Act), a bill that will require any person acting as a mortgage servicer to obtain a license from the Commissioner of Banking and Insurance for each main office and each branch office where business is conducted.

Press Release (Governor Murphy Signs Legislative Package to Address New Jersey’s Foreclosure Crisis)

Approved Legislation Overview:

• A664 – Codifies the Judiciary’s Foreclosure Mediation Program; dedicates monies from foreclosure filing fees and fines.

• A4997 – “Mortgage Servicers Licensing Act.”

• A4999 – Requires filing of certain creditor contact information with residential mortgage foreclosure complaint and lis pendens.

• A5001 – Revises statute of limitations for residential mortgage foreclosures.

• A5002 – Permits certain planned real estate developments to file certain liens; concerns limited priority of certain liens.

• S3411 – Requires receivership appointment application prior to certain foreclosure actions; requires notice of intention to foreclosure on residential mortgage to be filed within 180 days prior to commencing foreclosure; limits reinstatements of dismissed mortgage foreclosure actions.

• S3413 – Makes certain changes to summary action foreclosure process under “Fair Foreclosure Act.”

• S3416 – Clarifies that “New Jersey Residential Mortgage Lending Act” applies to certain out-of-state persons and involved in residential mortgage lending in the State.

• S3464 – Revises certain procedures for real estate foreclosure sales; alters adjournment of sale process.


Updated 3/25/19: A4999 (concerning residential mortgage foreclosures) passed the New Jersey Senate. The bill aims to require a creditor that files a residential foreclosure complaint to provide contact information for the party responsible for property care with the summons and complaint in Superior Court, and with the lis pendens filed with the office of the county clerk or register of deeds and mortgages.

This bill has substituted S3415.

A4999 Information/Text

Legislation Update
March 4, 2019

Source: New Jersey Legislature

Additional Resources:

NJ Spotlight (Package of Bills Hopes to Knock NJ Out of the Top Spot in Foreclosures)

New Jersey Judiciary (Report of the Special Committee on Residential Foreclosures)

New Jersey
S1244

Status: Reported from Senate Committee with Amendments, 2nd Reading (March 4, 2019)

Legislative Summary
Codifies the Judiciary’s Foreclosure Mediation Program; dedicates monies from foreclosure filing fees and fines.

Source: New Jersey Legislature (S1244 full text/info)


S3411

Status: Senate Amendment (February 21, 2019)

Legislative Summary
Requires notice of intention in residential mortgage foreclosure actions to be filed no more than 180 days prior to commencing foreclosure; limits reinstatements of dismissed mortgage foreclosure actions.

Source: New Jersey Legislature (S3411 full text/info)


S3412

Status: Referred to Senate Budget and Appropriations Committee (February 7, 2019)

Legislative Summary
Requires DCA to produce and maintain database and interactive map concerning residential properties under foreclosure; increases certain recording fees as funding mechanism.

Source: New Jersey Legislature (S3412 full text/info)


S3413

Status: Senate Amendment (February 21, 2019)

Legislative Summary
Makes certain changes to summary action foreclosure process under “Fair Foreclosure Act.”

Source: New Jersey Legislature (S3413 full text/info)


S3415

Status: Senate Amendment (February 21, 2019)

Legislative Summary
Requires filing of certain contact information of creditors with residential mortgage foreclosure complaint and lis pendens.

Source: New Jersey Legislature (S3415 full text/info)

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties