'FORECLOSURE RESCUE FRAUD PREVENTION ACT' RELEASED FROM ASSEMBLY COMMITTEE

Measure Would Help Protect Distressed Homeowners from Unscrupulous Foreclosure Consultants

(TRENTON) - Legislation sponsored by Assembly members Gary S. Schaer, John J. Burzichelli, Bonnie Watson Coleman and Wayne P. DeAngelo to protect homeowners in jeopardy of foreclosure from 'foreclosure rescue' scams perpetrated by unscrupulous lenders and consultants was released Thursday from the Assembly Financial Institutions and Insurance committee by a vote of 5 to 0.

CAPUTO INTRODUCES BILL TO HELP KEEP TENANTS & HOMEOWNERS IN THEIR HOMES DURING TOUGH ECONOMIC TIMES

(BELLEVILLE) - Amid continued concern about foreclosures in New Jersey, Assemblyman Ralph Caputo on Tuesday announced he's introduced legislation that would allow towns to let tenants remain in owner-occupied dwellings that are safely but - because of zoning codes - illegally occupied.

Caputo said the bill (A-2248) could help some homeowners avoid foreclosures.

WATSON COLEMAN BILL ENHANCING TENANT PROTECTIONS DURING FORECLOSURE CLEARS COMMITTEE HURDLE

Legislation Assembly Majority Leader Bonnie Watson Coleman sponsored to strengthen the notification requirements for tenants living in a foreclosed property was released today by an Assembly committee.

More than 300 activists and representatives from think tanks, community organizations and unions will gather Saturday to discuss new ideas for fixing New Jersey’s budget problems and turning around the state’s economy.

WATSON COLEMAN PRAISES GOVERNOR'S CONTINUED EFFORTS TO PROTECT HOMEOWNERS

(TRENTON) - Assembly Majority Leader Bonnie Watson Coleman today commended Gov. Jon S. Corzine for his continued leadership in combating the mortgage foreclosure crisis. Watson Coleman (D-Mercer) has sponsored several measures to help homeowners keep their homes and combat mortgage foreclosure.

SCHAER ON ASSEMBLY PASSAGE OF 'FORECLOSURE RESCUE FRAUD PREVENTION ACT'

Measure Would Help Protect Distressed Homeowners from Unscrupulous Foreclosure Consultants

(TRENTON) - Assemblyman Gary S. Schaer today released a multimedia package on his legislation to protect homeowners in jeopardy of foreclosure from 'foreclosure rescue' scams perpetrated by unscrupulous lenders and consultants, following its passage by the General Assembly.

The measure (A-281), entitled the "Foreclosure Rescue Fraud Prevention Act," would establish specific practices that foreclosure consultants and other purchasers of distressed property would have to adhere to when contracting with New Jersey homeowners on the brink of foreclosure.

WATSON COLEMAN/GREEN/CAPUTO ANTI-FORECLOSURE
MEASURE CLEARS ASSEMBLY COMMITTEE
Bill Would Establish Direct Lines of Help to Lenders, Borrowers

(TRENTON) - Legislation Assembly Majority Leader Bonnie Watson Coleman and Assemblymen Jerry Green and Ralph Caputo sponsored to provide assistance for homeowners facing impending foreclosure was released last night by the Assembly Appropriations Committee.

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

‘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 approved by the Senate today by a vote of 39-0, receiving final legislative approval.

“Today in New Jersey, homeowners are losing their homes due to the national mortgage crisis created by the practices of some subprime, predatory lenders,” said Senator Gill, D-Essex and Passaic, and Chair of the Senate Commerce Committee. “The State must provide some level of protection for our citizens who may be on the brink of, or already face, financial insolvency, trying to cope with soaring mortgage payments. Through this bill, we’re ensuring that our State property owners are given the notice and flexibility they need to survive crushing mortgage increases.”

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.”

WATSON COLEMAN ANTI-FORECLSOURE BILL CLEARS ASSEMBLY PANEL

Measure Would Protect Homeowners, Neighborhoods At-Risk By Preventing Abusive and Dangerous Practices By Lenders & Loan Services

(TRENTON) - The Assembly Housing and Local Government Committee today released legislation Assembly Majority Leader Bonnie Watson Coleman sponsored to protect New Jersey homeowners who are at-risk of foreclosure and to prevent the issuance of dangerous loan products in the future.