Asbury Park Press (NJ) (10/07/08)
New Jersey's Assembly Budget Committee has approved a bill that would create a $30 million fund to finance emergency home foreclosure prevention loans, pay for financial counseling services and buy and fix up foreclosed properties. The program would charge lenders and loan servicers $2,000 to initiate foreclosure proceedings on high-cost loans, and they would not be able to back-bill the fee to borrowers. Also, homeowners facing foreclosure would have six months to renegotiate the terms of their mortgage or line up new financing. E. Robert Levy, executive director of the Mortgage Bankers Association of New Jersey, warns that the New Jersey Home Ownership Preservation Act would make foreclosure more difficult and have the consequence of deterring lenders from making mortgages.
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