COHEN/SCHAER/WATSON COLEMAN/SPENCER/SMITH 'SAVE NEW JERSEY HOMES ACT OF 2008' PASSES ASSEMBLY

Measure Would Provide Three-Year Reprieve from Foreclosures; Give Families More Options to Stay in Their Homes

(TRENTON) - Legislation Assembly members Neil M. Cohen, Gary S. Schaer, Bonnie Watson Coleman, L. Grace Spencer, and L. Harvey Smith sponsored to extend foreclosure protection to thousands of New Jersey families caught-up in the recent mortgage market upheaval today passed the General Assembly by a vote of 73 to 5 with 1 abstention.

COHEN/SCHAER/WATSON COLEMAN/SPENCER/SMITH 'SAVE NEW JERSEY HOMES ACT OF 2008' PASSES ASSEMBLY

Measure Would Provide Three-Year Reprieve from Foreclosures; Give Families More Options to Stay in Their Homes

(TRENTON) - Legislation Assembly members Neil M. Cohen, Gary S. Schaer, Bonnie Watson Coleman, L. Grace Spencer, and L. Harvey Smith sponsored to extend foreclosure protection to thousands of New Jersey families caught-up in the recent mortgage market upheaval today passed the General Assembly by a vote of 73 to 5 with 1 abstention.

GILL MEASURE TO PROVIDE EXTENSION OF INTRODUCTORY MORTGAGE RATES FOR HOMEOWNERS IN NEED ADVANCES

‘Save New Jersey Homes Act of 2008’ Would Also Allow for Suspension of Foreclosure Process

TRENTON – In an effort to combat the foreclosure crisis affecting the nation, a bill sponsored by Senator Nia H. Gill which would provide protections for homeowners facing substantial mortgage interest rate increases or foreclosure was unanimously approved by the Senate Commerce Committee today.

“New Jerseyans are losing their homes at an alarming rate due to foreclosure and the home loan crisis which is going on nationwide,” said Senator Gill, D-Essex and Passaic, and Chair of the Committee. “The Legislature has an obligation to create a statutory scheme to allow protection for consumers who are struggling to live with the effects of a crisis created by the subprime lending practices of some predatory mortgage lenders. By ensuring early notification of rate increases and giving homeowners a grace period from higher payments, we can hopefully provide some relief for hard-hit families in the Garden State.”