TRENTON –Legislation sponsored by Senators Ronald L. Rice and John A. Girgenti, to assist homeowners who are in the foreclosure process was enacted today.
The enacted bill, S-8, appropriates $12.5 million from the Long Term Funding Obligation and Capital Expenditure Fund to the Department of Community Affairs (DCA) and the Administrative Office of the Courts (AOC). The DCA will receive $12million in grant-in-aid funds to provide mediation and counseling opportunities through the New Jersey Housing and Mortgage Finance Agency, and the AOC will receives $500,000 to provide mediation services prior to foreclosure proceedings.