This bill amends the existing Foreclosure Mediation Assistance Program administered by the New Jersey Housing and Mortgage Finance Agency (HMFA) to include reimbursements for pre-purchase homebuyer counseling. The program currently provides support for trained foreclosure prevention and default mitigation counselors who assist homeowners facing foreclosure. The bill highlights the importance of pre-purchase counseling as a proactive measure to reduce foreclosure rates and prevent mortgage delinquency, thereby expanding the scope of services offered under the program.

Key changes in the bill include the deletion of the phrase "nearly 5,000" and the insertion of "thousands of households have been served," emphasizing the program's impact. Additionally, it removes the limitation regarding the public health emergency and allows for the inclusion of pre-purchase homebuyer counseling services as part of the reimbursement process. The bill establishes a dedicated account within the General Fund, known as the "New Jersey Foreclosure Counseling Fund," to facilitate these reimbursements, ensuring that qualified counselors can provide comprehensive support to both pre-foreclosure and pre-purchase homebuyers.

Statutes affected:
Introduced: 2A:50-81, 2A:50-82