VAS UNVEILS EFFORT TO PREVENT HOME FORECLOSURES AND HELP RESIDENTS STRUGGLING AGAINST GLOBAL FINANCIAL MELTDOWN

VAS UNVEILS EFFORT TO PREVENT HOME FORECLOSURES AND HELP RESIDENTS STRUGGLING AGAINST GLOBAL FINANCIAL MELTDOWN (PERTH AMBOY) - Assemblyman Joseph Vas today joined with Faith Fellowship and the Puerto Rican Association for Human Development to announce foreclosure prevention and financial counseling. The parties signed an agreement to increase consumer awareness of mortgage products, funding and refinancing, boost access to credit and loan counseling and provide temporary assistance to constituents facing foreclosure. “I am proud to announce that my district office is collaborating with agencies such as Faith Fellowship and PRAHD to provide foreclosure mitigation assistance to more than 1,500 families in our district who need this help to learn about their options,” said Vas (D-Middlesex).“This partnership is intended to provide legitimate and appropriate resources on an individualized basis.” The collaboration comes as a growing number of constituents find themselves struggling with the tough global economic climate. Faith Fellowship is the only Department of Housing and Urban Development-certified housing counselor in the 19th Legislative District that can assist the intended constituency. PRAHD is a nonprofit that has assisted an underserved Spanish-speaking population in Middlesex County for the last 35 years and provided social services for the community. Vas and Faith Fellowship also announced a seminar that will provide an overview of programs that are available as the foreclosure crisis continues to threaten local economies. Entitled “Keeping the American Dream Homeownership Alive,” the seminar is scheduled for Nov. 15 from 8:30 a.m. until 3 p.m. at Faith Fellowship at 2707 Main St. in Sayreville. The seminar will include a general session, a workshop on avoiding foreclosure and one-on-one counseling. Faith Fellowship will provide information on how to avoid foreclosure, credit, market trends and new homeownership legislation. Counselors will be available to review state, local and community-based programs and services. To register or for more information about this seminar, contact Vas at (732) 324-5955 or AsmVas@njleg.org. or register online at www.ffcdc.net. Vas has also sponsored the following legislation: · A3125, which would allow municipalities to require mortgage lenders to maintain vacant residential properties during foreclosure. The bill would require a creditor that serves a notice of intention to foreclose on a home mortgage to simultaneously serve the municipality with a copy of the same notice. Also, the bill would allow a municipality to force a creditor to correct any housing code violations on the foreclosed home within 30 days. · A2679, the “Truth in Mortgaging Act,” which would create the crime of residential mortgage fraud. · AR92, which would constitute the Assembly Financial Institutions and Insurance Committee as a special committee to investigate business practices of foreclosure consultants and grant committee subpoena power. · A281, which would create the “Foreclosure Rescue Fraud Prevention Act” requiring foreclosure consultants and distressed property purchasers who contract with owners of residential properties in financial distress to adhere to certain practices in providing foreclosure prevention services to owners. · A2517, which creates the “New Jersey Homeownership Preservation Act,” which would create a trust fund to be established in the New Jersey Housing Mortgage Finance Agency to provide relief to homeowners who are at risk of mortgage foreclosure. “Homes have been abandoned everywhere from urban to rural and suburban communities across New Jersey,” Vas said. “We must do all that we can to ensure that New Jersey neighborhoods continue to be vibrant and thriving communities as we work our way through the crisis. We have a responsibility to help our communities that have been crippled by the mortgage crisis by requiring mortgage companies to be responsible and support the quality of life that our residents deserve.”