Terms Used In New Jersey Statutes 2A:50-82

  • 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.
2. a. There is established in the General Fund a separate, non-lapsing, dedicated account administered by the Department of Community Affairs to be known as the “New Jersey Foreclosure Counseling Fund.”

b. The funds within the New Jersey Foreclosure Counseling Fund shall be paid to the New Jersey Housing and Mortgage Finance Agency no later than the 15th day of each quarter to reimburse trained foreclosure prevention and default mitigation counselors for pre-foreclosure counseling services in accordance with guidance established by the New Jersey Housing and Mortgage Finance Agency and for the agency’s services required under P.L.2019, c.64 (C. 2A:50-74 et seq.).

c. The New Jersey Housing and Mortgage Finance Agency may assess up to five percent of New Jersey Foreclosure Counseling Fund’s annual allocation amounts for administrative costs.

d. For purposes of this section, “trained foreclosure prevention and default mitigation counselors” shall have the same definition as in section 2 of the “New Jersey Foreclosure Mediation Act,” P.L.2019, c.64 (C. 2A:50-75).

L.2021, c.373, s.2.

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