TRENTON – Senator Ronald L. Rice introduced legislation on Monday designed to address New Jersey’s foreclosure crisis by creating a 6-month forbearance period to give homeowners an opportunity to straighten out their finances before a foreclosure could proceed.
“New Jersey homeowners are facing the threat of foreclosure at an increasingly alarming rate,” said Senator Rice, D-Essex. “Folks who are working hard and playing by the rules find themselves paying into an underwater home loan, and many, through no fault of their own, just can’t keep up. This bill provides a temporary period of relief to allow homeowners to negotiate loan modifications to stay in their homes and continue to be productive members of the community.”