New Jersey Statutes 2A:50-81. Findings and declarations
Terms Used In New Jersey Statutes 2A:50-81
- 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.
- Plaintiff: The person who files the complaint in a civil lawsuit.
a. The Foreclosure Mediation Assistance Program administered by the New Jersey Housing and Mortgage Finance Agency provides trained foreclosure prevention and default mitigation counselors for homeowner-borrowers participating in the Foreclosure Mediation Program established by the New Jersey Judiciary.
b. As provided by section 7 of the “New Jersey Foreclosure Mediation Act,” P.L.2019, c.64 (C. 2A:50-80), trained foreclosure prevention and default mitigation counselors are paid using a portion of funds paid by a foreclosure plaintiff in an action for foreclosure.
c. During the public health emergency declared by the Governor in Executive Order No. 103 of 2020 due to the coronavirus disease 2019 (COVID-19) pandemic, the New Jersey Housing and Mortgage Finance Agency expanded its Foreclosure Mediation Assistance Program to provide other supports to New Jersey residents including renter and pre-foreclosure counseling.
d. Since the expansion began, nearly 5,000 households have been served.
e. Sufficient funding exists for trained foreclosure prevention and default mitigation counselors to continue to provide pre-foreclosure counseling services although the public health emergency declared by the Governor in Executive Order No. 103 of 2020 has concluded.
L.2021, c.373, s.1.