Bill Text: NJ A5563 | 2018-2019 | Regular Session | Amended
Bill Title: Enhances homeowner notification of foreclosure mediation program requirements; requires notice of residential foreclosure actions to HMFA.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2020-01-13 - Passed by the Assembly (75-0-0) [A5563 Detail]
Download: New_Jersey-2018-A5563-Amended.html
Sponsored by:
Assemblywoman MILA M. JASEY
District 27 (Essex and Morris)
Assemblywoman CAROL A. MURPHY
District 7 (Burlington)
SYNOPSIS
Enhances homeowner notification of foreclosure mediation program requirements; requires notice of residential foreclosure actions to HMFA.
CURRENT VERSION OF TEXT
As reported by the Assembly Housing and Community Development Committee on November 14, 2019, with amendments.
An Act concerning notification of foreclosure mediation and amending 1[and supplementing]1 P.L.2019, c.64.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 3 of P.L.2019, c.64 (C.2A:50-76) is amended to read as follows:
3. a. A homeowner-borrower shall receive written notice from the residential mortgage lender of the option to participate in the Foreclosure Mediation Program in accordance with the court rules, procedures, and guidelines adopted by the Supreme Court at the time the homeowner-borrower receives a notice of intention to foreclose, pursuant to section 4 of P.L.1995, c.244 (C.2A:50-56). Upon the filing of a mortgage foreclosure complaint against an eligible property, the homeowner-borrower shall again receive written notice of the option to participate in the Foreclosure Mediation Program in accordance with the court rules, procedures, and guidelines adopted by the Supreme Court.
b. The written notice required pursuant to this section shall be available in both English and Spanish, and shall alert the homeowner-borrower that:
(1) pursuant to subsection b. of section 4 of P.L.2019, c.64 (C.2A:50-77), obtaining the assistance of a trained foreclosure prevention and default mitigation counselor is a prerequisite to participation in mediation; and
(2) pursuant to subsection c. of section 4 of P.L.2019, c.64 (C.2A:50-77), the homeowner-borrower is not required to pay any fees in order to participate in mediation.
(cf: P.L.2019, c.64, s.3)
1[2. (New section) a. Upon provision of a notice of intention to foreclose to a homeowner-borrower pursuant to section 4 of P.L.1995, c.244 (C.2A:50-56), and upon the filing of a mortgage foreclosure complaint against an eligible property, the residential mortgage lender shall notify the New Jersey Housing and Mortgage Finance Agency of each action.
b. The Executive Director of the New Jersey Housing and Mortgage Finance Agency, in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), may adopt the such rules and regulations as may be necessary for the implementation of this section.]1
1[3.] 2.1 This act shall take effect on the first day of the sixth month next following enactment.
