S 4553
Establishes the "New Jersey Residential Foreclosure Transformation Act."
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill, the ‘New Jersey Residential Foreclosure Transformation Act,’ aims to reform the state’s foreclosure process to provide greater protections for homeowners facing foreclosure. It establishes a new, streamlined process that prioritizes loan modification and other alternatives to foreclosure before initiating a judicial sale. The act also requires lenders to provide homeowners with more detailed information about their options and to offer assistance with financial counseling. Ultimately, the goal is to reduce the number of foreclosures in New Jersey and help homeowners avoid losing their homes.
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