Foreclosure News: NJ Bill Proposing Foreclosure Mediation
New Jersey has introduced two bills aimed at improving resident notification of potential foreclosure and creating a plan for the empty homes which have been foreclosed upon in our communities were advanced by the Assembly Housing Committee.
One measure is known as the “New Jersey Residential Foreclosure Transformation Act" ("NJRFT") It would establish the New Jersey Residential Foreclosure Transformation Program ("NJRFTP") under the New Jersey Housing and Mortgage Finance Agency ("HMFA") to purchase foreclosed residential properties and dedicating them for occupancy as affordable housing.
The second measure would require mortgage lenders to provide information about the foreclosure mediation program to homeowners when they deliver the notice of intention to foreclose and again when the lender files a foreclosure complaint against a mediation eligible homeowner. The information required would alert the homeowner that obtaining the assistance of a trained foreclosure prevention and default mitigation counselor is a prerequisite to participation in mediation. The notice would also alert the homeowner that they will not be required to pay any fees to participate in mediation.
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