N.J. Assemblyman Gary Schaer’s foreclosure bill is finally signed into law | Commentary | NewJerseyNewsroom.com -- Your State. Your News.


Jul 02nd
  • Login
  • Create an account
  • Search
  • Local Business Deals

N.J. Assemblyman Gary Schaer’s foreclosure bill is finally signed into law

pizzurosal073111_optBY SALVATORE PIZZURO

After many months of negotiations and revisions among members of the State Legislature and the Governor’s office, it has been announced that Assemblyman Gary Schaer’s bill, designed to protect homeowners facing foreclosure from unscrupulous consultants, has been signed into law.

The "Foreclosure Rescue Fraud Prevention Act." was initially introduced by Schaer in response to distressed homeowners who were swindled out of their remaining savings by consultants who pretended to offer assistance in keeping their homes and the few resources they had left. An original version of the bill was conditionally vetoed by Governor Christie and was sent back to the Legislature for revisions. According to the Democratic Legislative office, the revised bill, A-359, is a “revamped measure that will help protect homeowners from unscrupulous foreclosure consultants without strangling the real estate market.”

Assembly members John J. Burzichelli, Bonnie Watson Coleman and Wayne P. DeAngelo also served as primary sponsors of the bill A Senate version, S-1651, was sponsored by Shirley Turner. and Brian Stack, with Robert Gordon, Linda Greenstein, and Teresa Ruiz serving as co-sponsors.

According to the new law, foreclosure consultants will be required to adhere to standards and practices that will prevent fraudulent activities that in the past have left distressed homeowner as unprotected victims. According to the bill:

“Foreclosure consultant": (1) means any person, located out-of-State or within the State, who, directly or indirectly, for compensation from an owner, makes any solicitation, representation, or offer to perform, or who performs, any distressed property service that the person represents will in any manner do any of the following in relation to the owner’s distressed property:

As Assemblyman Schaer has pointed out, "Faced with the prospect of becoming homeless, many New Jersey homeowners are turning to foreclosure consultants and foreclosure rescue firms in a last-ditch effort to stay in their homes...Unfortunately, some of the firms are nothing more than fronts for elaborate schemes to rob troubled homeowners of their hard-bought equity."

Comments (2)
2 Friday, 10 February 2012 14:58
Stephen Sanders
My grandfather always used to talk about the importance of knowing who is who. If someone is working on your side to help you out of difficult financial situation, it is important that the relevant facts are disclosed to you.

Life is complex enough without having to second guess people you feel you should trust, or having unscrupulous people bamboozle you out of your money, or home.

Good thing that politicians are creating this sort of legislation to protect those who are perhaps too glib with anyone who happens to ask them questions on the phone. I suppose it's unfortunate that their are always going to be opportunist like this to prey on people who are perhaps naive or uninformed.

However it is good to know that there are caring people in politics to watch out for those who are downtrodden.

1 Monday, 26 December 2011 00:16
We submitted a request for a mortgage quote and received 3 great offers at 123 Refinance. Thank you for helping us lower our house payment with 3.14% mortgage refinance rate. Highly recommend and best place for mortgage refinance.

Add your comment

Your name:

Follow/join us

Twitter: njnewsroom Linked In Group: 2483509