Bill would prevent mortgage foreclosures for Sandy victims
A bill heading to Gov. Chris Christie’s desk would prevent mortgage foreclosure for New Jersey homeowners whose houses were damaged by Superstorm Sandy.
The bill, which passed the Legislature on Thursday, would prevent foreclosures for up to three years if the measure is signed into law.
The measure is designed to help storm victims who are eligible for state aid disbursements but who have not received them and as a result face foreclosure.
Sandy victims eligible for funds through the Reconstruction Rehabilitation, Elevation, and Mitigation program or the Low- to Moderate- Income Homeowner’s Rebuilding Program, but who has not yet received those funds, could get a stay of foreclosure proceedings.
Sandy made landfall in New Jersey on Oct. 29, 2012, and the governor’s office estimates 365,000 buildings were damaged.
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