Despite the fact that the national foreclosure rate seems to be improving, year after year New Jersey continues to lead the nation in foreclosures. Recently, a bill package has been advanced by the New Jersey State Senate that seeks to address the state’s foreclosure crisis. Continue reading “Proposed New Jersey Legislation Seeks to Combat Foreclosure Crisis”
Despite the fact that the national foreclosure rate reached an 11-year low last year, New Jersey had the highest rate of foreclosure in the U.S. for the second consecutive year. The continued backlog of distressed properties in the foreclosure process, high property taxes, and slow economic growth is weighing heavily on the current New Jersey housing market.
A bill to protect Sandy victims from foreclosure was approved by the State Senate on December 20, 2016. Earlier this year, the assembly had approved the bill. The bill has now reached Governor Chris Christie for approval and may offer temporary foreclosure protection to the victims of Hurricane Sandy, which destroyed many homes.
Too often homeowners seeking mortgage modifications comply with the requirements of a trial modification, only to find that their mortgage company has refused to modify the mortgage terms. The case of Bloc v. Seneca Mortgage Servicing, could be the beginning of the end of such a frustrating process for homeowners.
As some states around the country are seeing their foreclosure rates fall, New Jersey leads the U.S. in foreclosures, according to an article from NJ.com.
During the first half of this year, the number of properties starting the foreclosure process was 17% less than it was the same time last year, according to RealtyTrac. According to the data, 533,813 properties are filing for foreclosure — the lowest levels in 10 years. Meanwhile, New Jersey leads all states with 34,876 properties.
A group of New Jersey Assembly members recently proposed legislation which, they said, is designed to help reduce the number of foreclosures in the state and allow homeowners to keep their homes.
The Union News Daily is reporting that Assembly members Mila Jasey, Jerry Green, Jamel Holley and Elizabeth Muoio have drafted a bill that would codify the state’s Foreclosure Mediation Program, with the goal of improving New Jersey’s housing market. Under the bill, at the time the homeowner receives notice of intention to foreclose, they must also receive notice allowing them the option to take part in the Foreclosure Mediation Program. When the mortgage foreclosure complaint is filed, the homeowner must again receive notice of the option to participate in the program. In addition, the bill would authorize eligible homeowners to submit a request to schedule a mediation session with the lender.