Beck Bill to Prevent Sandy Foreclosures Advances Amidst Call for Further Action
November 4, 2016
Senator Jennifer Beck’s (R-Monmouth) bill to create foreclosure protections for Superstorm Sandy victims has passed the Senate Budget Committee.
“Although four years have passed since Superstorm Sandy,” Senator Beck said. “We still have 3,200 homeowners eager to complete elevating and rebuilding projects, including some that have just begun. They don’t have the ability to fund a mortgage and a rent.”
Senator Beck’s bill, S-2300 would establish temporary protections against foreclosure for families who continue to experience economic distress as a result of Superstorm Sandy.
The legislation would also direct the Commissioner of Community Affairs to notify Sandy-impacted families of their eligibility for foreclosure protections and post eligibility information on the department’s website. The Commissioner must also notify courts and mortgage lenders of individuals who are eligible for such protections.
An identical version of this legislation has passed the Assembly. The bill now heads to the Senate floor for a final legislative approval.
While 4,400 homeowners in the RREM program have completed their projects, Senator Beck urged further action to help the remaining families return home. Beck’s “Superstorm Sandy Homeowners Protection Act” (S-532), would extend protections of the Consumer Fraud Act to homeowners enrolled in the RREM and LMI programs, providing recourse for victims of contractor fraud. S-532 is currently awaiting a hearing in the Budget Committee.
“S-2300 will provide essential protections to Sandy homeowners facing foreclosure and I am elated to see it advance today,” Senator Beck added. “At the same time, I respectfully urge the Budget Committee Chairman to post the Superstorm Sandy Homeowners Protection Act for a vote as soon as possible. This act is essential to protecting Sandy homeowners from being further victimized. They need and deserve our support now.”
Source: Senator Jennifer Beck (New Jersey Senate Republican Office)
New Jersey Legislature (S-2300 information)