NEWARK – U.S. Senator Frank R. Lautenberg (D-NJ) announced that his office will hold a public Mortgage Foreclosure Prevention Forum on Wednesday, February 15, in Cherry Hill to provide people in New Jersey with resources on foreclosure prevention, foreclosure mediation, and mortgage scams. The forum will be held in the wake of a $26 billion settlement between the federal government and some of America’s largest mortgage lenders that will provide relief to approximately one million American homeowners who are struggling with their mortgages.

“As hard-working, middle-class New Jerseyans are struggling to keep their homes, it’s high time the banks that created this mess begin to shoulder some of the burden,” said Senator Lautenberg. “Homeowners across our state have struggled with declining home values and skyrocketing mortgage payments, and many of them face losing their homes to foreclosure. This foreclosure prevention forum will provide New Jerseyans with information to help them stay in their homes and recover from this terrible crisis.”

The forum will be held on Wednesday, February 15, 2012 from 5:30 to 8:30 p.m. at the Betty and Milton Katz Jewish Community Center, 1301 Springdale Road, Cherry Hill, New Jersey. The U.S. Department of Housing and Urban Development, New Jersey Housing and Mortgage Finance Agency, New Jersey Superior Court, Consumer Credit Counseling Service of Delaware Valley, and Beneficial Bank will participate in the forum. For more information, please visit: http://lautenberg.senate.gov/services/mortgage.forum.cfm.

Senator Lautenberg helped obtain $300 million in federal funding for the New Jersey HomeKeeper Program, which provides financial assistance to New Jerseyans facing foreclosure due to job loss, and is a cosponsor of the following legislation that would help bring relief to struggling New Jersey homeowners:

The Preserving Homes and Communities Act of 2011, which would ensure that eligible homeowners at risk of foreclosure are offered a loan modification to reduce their monthly mortgage payments and would require that servicers play by the rules.

The Regulation Mortgage Servicing Act, which would simplify the mortgage modification process by requiring that homeowners seeking a mortgage modification are given a single point of contact at their servicer.

The Protecting Servicemembers from Mortgage Abuses Act, which would help service members by extending their period of protection against foreclosure after their military service from 9 month to 24 months.

The Homeowner Advocate Act, which would create the Office of Homeowner Advocate to advocate on behalf of homeowners when they experience challenges getting servicers to process their applications for mortgage modification.

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