New Jersey Statutes 2A:50-76. Written notice of eligibility to participate
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 2A:50-76
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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.
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.
L.2019, c.64, s.3; amended 2021, c.35.