Foreclosure Breather Proposed ; Lenders Would Have to Wait 6 Months, Pay Fee
The Record, Bergen County, NJ › March 15, 2008
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Summary
New state proposals would require lenders to wait six months and pay a fee before foreclosing on certain homeowners who are in default, state Sen. Ronald Rice said Monday.
The proposed moratorium and $2,000-per-foreclosure fee to be introduced today in Trenton by Rice of Newark and Assemblywoman Bonnie Watson-Coleman of Trenton is aimed at slowing the pace of foreclosures and keeping people from losing their houses.See the full content of this document
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Foreclosure Breather Proposed ; Lenders Would Have to Wait 6 Months, Pay Fee
"We have to do something to protect homeowners who may be qualified to stay in their homes," Rice said in a phone interview.
The rate of new foreclosures in New ...See the full content of this document
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