Foreclosure-aid bills released

TRENTON – The Assembly Housing Committee released all three bills on its agenda today that seek to deal with problems regarding the residents facing foreclosure.

They include:

A3396: This bill codifies the Foreclosure Mediation Program. The Office of Administrative Courts expressed support for the bill, saying it provides a much-needed revenue stream for the popular program.

A3413: This  bill that establishes the New Jersey Residential Foreclosure Transformation Act; and

A3372: This bill requires the Housing Mortgage and Finance Agency to expand participation in the New Jersey Homekeeper Program.           

The bills are in response to a problem  acknowledged this morning at the hearing by the Department of Community Affairs that  not enough people were receiving help.

The program, Homekeeper, has $300 million in funds that provide zero percent interest loans to unemployed homeowners, but only about $64 million has been spent.

Assemblyman Gary Schaer, (D-36), Passaic, said that “The administration’s slow action in helping as many affected homeowners as possible likely means many New Jersey families needlessly lost their homes. It’s well and good that the administration claims now to have fixed the program, but that’s too late for many of our neighbors and communities.”

Earlier story:

DCA head acknowledges problems with foreclosure aid program


Foreclosure-aid bills released