s1599

NEWARK – Senator Ronald L. Rice is seeking to crack down on the “foreclosure blight” affecting neighborhoods throughout New Jersey by drafting tougher legislation that will increase penalties on the lending institutions that fail to properly maintain properties in their possession.

“When a property is seized from a foreclosure, it is the bank that is responsible for maintaining the property until it is resold, but unfortunately, too many foreclosures are not being kept up and it is becoming a major issue in communities,” said Senator Rice, D-Essex. “A foreclosed property becomes more than just an eyesore; it can become a breeding ground for crime. Too often, the town and its taxpayers are left to foot the bill for cleaning up or providing additional security to areas with foreclosed properties.”

TRENTON –Legislation sponsored by Senators Ronald L. Rice and Dana L. Redd to create the New Jersey Homeownership Preservation Act which will help provide needed assistance to those facing foreclosure became law today/

“There are an increasing number of households that are becoming victims of foreclosures,” said Senator Rice, D-Essex. “These foreclosures have created an economic downturn in New Jersey. When a home is foreclosed upon, it isn’t just families who are affected. We have seen, first hand, that the negative impact creates a domino effect that leads to an increase in crime and a decrease in area property values.”

TRENTON ?Legislation sponsored by Senators Ronald L. Rice and Dana L. Redd to create the New Jersey Homeownership Preservation Act which will help provide needed assistance to those facing foreclosure was approved by the full Senate today.

?There are an increasing number of households that are becoming victims of foreclosures,? said Senator Rice, D-Essex. ?These foreclosures have created an economic downturn in New Jersey. When a home is foreclosed upon, it isn?t just families who are affected. We have seen, first hand, that the negative impact creates a domino effect that leads to an increase in crime and a decrease in area property values.?

TRENTON –Legislation sponsored by Senators Ronald L. Rice and Dana L. Redd to create the New Jersey Homeownership Preservation Act which will help provide needed assistance to those facing foreclosure was approved by the full Senate today by a vote of xx to xx.

“There are an increasing number of households that are becoming victims of foreclosures,” said Senator Rice, D-Essex. “These foreclosures have created an economic downturn in New Jersey. When a home is foreclosed upon, it isn’t just families who are affected. We have seen, first hand, that the negative impact creates a domino effect that leads to an increase in crime and a decrease in area property values.”

TRENTON – Senator Ronald L. Rice, D-Essex, released the following statement today regarding the approval by the members of the Senate Budget and Appropriations Committee, on his legislation which would create the New Jersey Homeownership Preservation Act.

The bill, SCS-1599 was approved by the Senate panel by a vote of 8 to 0 and 4 abstentions.

TRENTON – Senator Ronald L. Rice, D-Essex, released the following statement today after the Senate Commerce Committee approved his bill, S-1599, which would create the New Jersey Homeownership Preservation Act and would establish among other things a Foreclosure Prevention Fund. The bill now heads to the full Senate for consideration.

“Every day there are new reports on the troubled housing market, and the victims who are losing their homes to foreclosures, and sub prime loans account for roughly 1/2 of all foreclosure.