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NJ law that protects Sandy victims from foreclosure expires July 1

Stacey Barchenger | June 17, 2019 | Asbury Park Press |


Carol Ferraiolli received notice last week that construction permits had — finally — been granted: She and her husband could begin to rebuild the Middletown home Superstorm Sandy wrecked.

“We’re jumping for joy for every little thing,” she said, describing a more than six-year ordeal marred by fraudulent contractors and a mortgage lender that wouldn’t comply with state law. “I’m just praying the worst-case scenario doesn’t happen, because if it does, we’re not going to be able to rebuild after all this time.”

The worst-case scenario for Ferraiolli and others still seeking stability is less than two weeks away.

On July 1, a state law that has protected hundreds of New Jersey residents from foreclosure after the devastating and deadly 2012 storm is set to expire. If that happens, Ferraiolli said, her construction permits will be useless because her bank will foreclose.


Read the full article from Asbury Park Press