N.J. Assemblyman Gary Schaer's foreclosure rescue bill protects homeowners at risk

BY SALVATORE PIZZURO

COMMENTARY

In 2007, Assemblyman Gary Schaer (D-3 Bergen-Passaic) introduced a bill to protect homeowners who are in danger of foreclosure from being prey to unscrupulous lenders and real estate brokers. On Wednesday, June 29, 2011 Schaer was successful in having the bill passed in the Assembly unanimously. The Foreclosure Rescue Fraud Prevention Act, was passed by members from both political parties by a margin of 78 to zero. In addition, Shirley Turner (D-Mercer) introduced the bill in the State Senate.

Assemblyman Schaer serves as Chair of the Committee on Financial Institutions and Insurance, Vice-Chair of the Budget Committee, and as a member of the Special Committee on Economic Development, and the Committee on State Government. Since the bill was first introduced in 2007, the number of foreclosures has increased in New Jersey by more than twenty-six per cent.

Schaer became aware that many New Jersey residents were falling on hard times because of a lack of employment or illness and, in addition to losing their homes, became the targets of scam artists posing as real estate consultants. Those who pretended to protect “home-owners at risk” were employing clever schemes to cheat them out of the little money that was left. The Assemblyman became aware that such “Foreclosure Consultants” were bound to little government scrutiny.

A variety of organizations, including the New Jersey Bankers, Realtors and Land Title Associations, have publicly supported the bill. It is Assemblyman Schaer’s goal to bring “transparency, accountability, and equity” to an already predatory system. The Foreclosure Rescue Fraud Prevention Act also has the support of the aNew Jersey Citizen Action and Legal Services of New Jersey.

Working class New Jerseyans are surviving with less economic support than ever before. This initiative, however, may be a beginning for those who are losing hope.

Dr. Salvatore Pizzuro is a disability policy specialist and civil rights advocate in New Jersey.

Wynona Lipman’s legacy is forgotten in New Jersey

Christie's legacy may be detachment from the needs of New Jerseyans

New Jersey’s neediest have an ally in Assemblyman Gary Schaer

NJN transfer to WNET is a casualty for free press

Future of New Jersey's working class looks bleak

Monday, June 20, 2011: A Day of Infamy for N.J.

N.J. bill creating database of disabled persons will help distribute services

Christie's concept of ‘shared sacrifice’ has become a distant dream

New Jersey is abandoning its most vulnerable citizens under 'shared sacrifice'

New Jerseyans continue to be divided on plan to serve those in need

New Jersey faces an ongoing dilemma with ever-increasing special education costs