NJ Bill Seeks Three-Year Ban on Sandy-Related Foreclosures – NMP Skip to main content

NJ Bill Seeks Three-Year Ban on Sandy-Related Foreclosures

Phil Hall
Dec 03, 2014

A bill has been introduced in the New Jersey legislature that would create a three-year moratoria on foreclosures of residential properties that absorbed damage from Superstorm Sandy in October 2012.

“This bill would prevent the foreclosure of any mortgage obligation on any real property that was damaged by ‘Superstorm Sandy,’ the major storm that made landfall in New Jersey on Oct. 29, 2012, for a period of 36 months immediately following the enactment of the bill,” said the statement accompanying Bill S2577, which was introduced by Sen. Jeff Van Drew, a Democrat representing the Cape May section of the state. “This 36-month period will give property owners whose homes still bear damage inflicted as the result of ‘Superstorm Sandy’ some financial breathing room as they try to rebuild their homes and their lives.”

Under the legislation, punishment for foreclosure proceedings against any Sandy-afflicted homeowner would result in a six-month jail term and/or a fine of up to $1,000. The bill has been referred to the legislature’s Senate Community and Urban Affairs Committee for discussion.

The new bill is the latest effort to ensure protection for New Jersey homeowners whose properties were impacted by Sandy. Earlier in the year, legislation titled “Superstorm Sandy Bill of Rights” passed the legislature but was vetoed by Gov. Chris Christie; the earlier legislation made no mention of foreclosures.

Published
Dec 03, 2014
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021
MISMO Seeks To Standardize Pre-Closing Title Data

Forming workgroup to focus on standardizing document datasets to streamline process and increase efficiency.

Industry News
Nov 23, 2021
Pandemic's Impact On Real Estate Around The World

Although the impact of the COVID-19 pandemic on the real estate industry has been well-documented within the United States, it’d be prudent to know how the global event impacted other countries as well. 

Industry News
Nov 22, 2021
Housing Market Potential Strengthens Modestly

First American Financial Corporation's Potential Home Sales Model for October 2021 reported that potential existing-home sales increased 0.1% month-over-month to 6.27 million, with household formation continuing to grow, largely driven by millennials.

Analysis and Data
Nov 22, 2021