Pursuant to the Code of the Township of Moorestown §103-24, REGISTRATION OF PROPERTY IN FORECLOSURE (copy of Ordinance 3-2023 attached):
Any Creditor foreclosing on a residential or commercial mortgage shall, in addition to the notice required by any other applicable law, register the residential or commercial property with the Township Clerk as a Property In Foreclosure. This shall also apply to properties that have been the subject of a deed in lieu of foreclosure.
INITIAL REGISTRATION FEE: A Properly in Foreclosure shall be subject to payment of a non-refundable annual registration fee in the amount of $500. The initial fee shall be submitted when filing the Property Registration Statement. Fees are not prorated. For each subsequent calendar year that the property remains as a Property In Foreclosure, an annual renewal registration form and fee of $500 shall be due by January 31.
VACANT AND ABANDONED PROPERTY FEE: If the Property In Foreclosure is unoccupied at the time the initial Property Registration Statement is filed, an additional non-refundable vacant property fee in the amount of $2,000 shall be paid with the registration fee. For each subsequent calendar year that the property remains unoccupied, an additional vacant property fee of $2,000 shall be paid at the time of renewal, i.e. no later than January 31.
INSURANCE: A Creditor shall acquire and otherwise maintain liability insurance by procuring a vacancy policy, covering any damage to any person or any property caused by any physical condition of the property while registered. Proof of such coverage shall be filed with the Municipal Clerk at the time of initial registration and with each renewal registration.
AMENDMENT(S) TO PROPERTY REGISTRATION STATEMENT: If there is any change in any of the information provided on the Property Registration Statement originally filed, the Creditor shall update the Property Registration Statement, via the amendment form, within ten (10) days of the change and file same with the Municipal Clerk. Failure of the Foreclosing Creditor to properly modify the registration form to reflect a change of circumstances as required is a violation and shall be subject to penalty and enforcement. There is no fee for amendments