New Jersey Statutes 55:14K-96. Definitions relative to foreclosure prevention
Terms Used In New Jersey Statutes 55:14K-96
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Agency” means the New Jersey Housing and Mortgage Finance Agency established pursuant to section 4 of P.L.1983, c.530 (C. 55:14K-4).
“Community development corporation” means a nonprofit community development corporation established pursuant to Title 15 or 15A of the Revised Statutes of New Jersey, or other law of this State, with a focus on producing and operating affordable housing or housing with on-site social services for individuals with special needs.
“Community development financial institution” means an entity designated and certified by the United States Department of the Treasury as a Community Development Financial Institution pursuant to 12 C.F.R. part 1805.
“Foreclosure intervention contractor” or “contractor” means a community development financial institution or other non-profit entity with experience conducting dwelling rehabilitation, mortgage servicing and underwriting, financing and acquisition of real estate for affordable housing, or community development work that enters into a contract or loan with the agency pursuant to section 5 of P.L.1983, c.530 (C. 55:14K-5).
“Eligible property” means any residential property or mortgage note that is owned by an institutional lender as the result of a mortgage foreclosure judgment or a deed in lieu of foreclosure, is owned by a municipality as the result of a tax foreclosure judgment or is subject to a nonperforming loan from an institutional lender.
“Fund” means the Foreclosure Intervention Fund, established pursuant to section 6 of P.L.2021, c.34 (C. 55:14K-99).
“Institutional lender” or “lender” means any lawfully constituted mortgage lender, mortgage investor, or mortgage loan servicer that owns an eligible property, including, but not limited to, any agency or instrumentality of the United States or the State, including, but not limited to, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Housing Administration, the Small Business Administration, the Resolution Funding Corporation, and the Federal Deposit Insurance Corporation.
“Program” means the “New Jersey Residential Foreclosure Intervention Program,” initially established as the “New Jersey Residential Foreclosure Prevention Program” pursuant to section 4 of P.L.2021, c.34 (C. 55:14K-97), and amended pursuant to P.L.2023, c.76 (C. 55:14K-102 et al.).
“Rehabilitation” means the repair, reconstruction, or renovation of the interior or exterior of a residential dwelling which renders the dwelling safe, sanitary, and decent for residential purposes.
“Vacant and abandoned” means the same as the term is defined under subsections a. and b. of section 1 of P.L.2012, c.70 (C. 2A:50-73).
L.2021, c.34, s.3; amended by 2023, c.76, s.1.