What to Know
- NJ governor signed into law measure aimed at helping state continue to recover from a housing foreclosure crisis from Great Recession
- The first-term Democrat signed the nine bills Monday in Atlantic City
- Murphy highlighted one measure that establishes a program run by the state's judiciary to offer residents mediation in foreclosure
New Jersey Gov. Phil Murphy has signed into law a measure aimed at helping the state continue to recover from a housing foreclosure crisis that stemmed from the Great Recession.
The first-term Democrat signed the nine bills Monday in Atlantic City.
“The foreclosure crisis has hurt our economy and jeopardized economic security of too many New Jersey families,” Murphy said. “Our communities cannot succeed while vacant or foreclosed homes sit empty or while families live in limbo. I am proud to sign these bills into law today and get New Jersey closer to ending the foreclosure crisis.”
The administration says about one out of a thousand homes are in foreclosure, a total of about 20,000 households. Atlantic City has the highest foreclosure rate at one in 42.
Murphy highlighted one measure that establishes a program run by the state's judiciary to offer residents mediation in foreclosure. He says the program will ensure that residents can get housing counseling.
"Foreclosure can take an emotional and financial toll on homeowners and their families. These bills bolster our efforts to help keep families in their homes and neighborhoods intact," New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman said.
According to Richman, "Counseled homeowners are nearly three times as likely to have their loans modified, and 70 percent more likely to remain current after modification."
The bills stem from a 2018 report by the state's judiciary that found the foreclosure rate went from 25,000 per year in 2006 to 65,000 annually in 2009.