New Law Grants All Forms of Community Associations a Lien Priority of up to Thirty Months
Today Governor Murphy signed a law that significantly expands the lien priority over foreclosing lenders previously available only to condominium associations, and, for the first time, grants the same lien priority rights to homeowner associations.
The new law grants all community associations a lien priority of up to
30 months, based upon a six-month priority lien being filed each year for five consecutive years. While prior law limited condo associations to one six-month lien priority over first mortgages, the new law provides for up to 30 months of lien priority.
