Foreclosure in New Jersey: two new bills ready to help

There are 2 new bills awaiting approval. The first, the Foreclosure Fairness Act (S.2777/A4063), is designed to protect tenants who may be effected by an impending foreclosure of the property they are renting, and their rights to remain in their home. Should a creditor attempt to place pressure on tenants of a property they have foreclosed on, civil penalties may be imposed. This helps to provide important protections for tenants who may be caught in the middle of a foreclosure action on the home, apartment building or other rented property that they are residing in. This bill also modifies and clarifies the recently enacted Mortgage Stabilization and Relief Act.