Foreclosure Relief for Armed Services Members Unanimously Passes the Assembly
A new law (Assembly Bill No. 2462) would provide a 1-year grace period before lenders could initiate a foreclosure lawsuit, seize a service member’s property, or evict a service member from their home. Current law already provides for a 3-month grace period after the conclusion of military service.
The Assembly Military and Veterans’ Affairs Committee chaired by Assemblywoman Cleopatra G. Tucker (D, Newark) passed the measure unanimously, and it was also carried unanimously in the State Assembly with 75 yes votes and 5 abstentions. Votes were held February 18, 2016.
Mr. Beach (D, Burlington & Camden) and Mr. Stack (D, Union City) have introduced the bill in the Senate (Senate Bill No. A2462) and the measure has been referred to the Senate Community and Urban Affairs Committee. State law protection is necessary because Congress has allowed similar federal legislation to sunset as of January 1, 2015, and the protections have not been renewed.
The Senate version of the measure recognizes that the measure dovetails protections originally afforded under federal legislation, the Servicemembers Civil Relief Act, 50 App. U.S.C. §§ 501-515, 516-597b (SCRA, formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940) ("the Act"). The Act’s stated purposes are “to provide for, strengthen, and expedite the national defense through protection ... to servicemembers of the United States to enable such persons to devote their entire energy to the defense needs of the Nation” and “to provide for the temporary suspension of judicial and administrative proceedings and transactions that may adversely affect the civil rights of service members during their military service.” 50 App. U.S.C. § 502.
Local Assemblyman Gordon M. Johnson (D, Bergen), Benjie E. Wimberly (D, Bergen), and Raj Mukherji (D, Hudson) have sponsored the original bill designed to protect servicemembers from coming home from combat to face Sheriff’s Sale or Eviction.
At Fazzio Law Offices, we believe those that serve our Country are entitled to time to get their affairs in order upon returning from active duty and we support foreclosure relief for armed services members returning from active duty.
If you are a veteran of our Armed Services and need assistance with a foreclosure matter, please call us today at (201) 529-8024 for a free consultation.