a. Many thousands of New Jersey homeowners are at risk of losing their homes as a
result of mortgage foreclosures.
b. Foreclosures involve the loss of a family's home, often the family's most valuable
financial asset, and foreclosures especially undermine the health and economic vitality
of the urban neighborhoods in which a disproportionate share of foreclosures take
c. Foreclosures result in the loss of millions of dollars in assets, not only those
of the homeowners who are the victims of foreclosure, but also adversely affect the
property values of homes located in the vicinity of foreclosed properties.
d. The loss of a house often results in abandonment of properties, leading to significant
costs and lost revenue for local governments, as well as harm to the neighborhoods
in which properties are abandoned.
e. Many of these foreclosures could be avoided if homeowners had greater access to
high-quality, in-person foreclosure prevention counseling, emergency financial assistance,
or additional time during which to negotiate loan modifications or obtain refinancing.
f. There is a compelling public policy need for the State of New Jersey to provide
the means by which homeowners can obtain mortgage related counseling, emergency financial
assistance, and time to adjust their finances in order to increase their ability to
retain their homes, and to protect local governments and neighborhoods from the negative
social, economic, and fiscal consequences of foreclosure and property abandonment.
g. New Jersey must ensure that neighborhoods are not adversely affected by properties
that are abandoned as a result of foreclosure and become dilapidated eyesores in the
h. The Legislature recognizes that the difficulties encountered by homeowners who
are delinquent, or are in danger of becoming delinquent, on their mortgage payment
does not lend itself to a “one size fits all” solution and therefore it is necessary
to establish a number of programs to assist these homeowners.
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