(TRENTON) – Assembly Democrats Vincent Mazzeo and Bob Andrzecjzak recently introduced legislation to help homeowners, affected by Hurricane Sandy, avoid losing their homes to foreclosure.
“The threat of foreclosure is a harsh reality for New Jersey’s families still struggling with home repairs as a result of the damage caused by Sandy,” said Mazzeo (D-Atlantic). “It has been a tough road for many of families who have had to navigate insurance companies, FEMA guidelines, and state grant funding requirements.”
“For many it seems, the rebuilding process is a never-ending story,” said Andrzejczak (D-Cape May, Atlantic, Cumberland). “We knew from the beginning this would be a long and arduous process for homeowners, especially those who have suffered extensive damages to their homes.”
The bill (A-4139) 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 October 29, 2012, for a three year period immediately following the enactment of the bill.
“Homeowners must be able to rely on our continued support as they continue to rebuild their lives,” continued Mazzeo.
The sponsors said the 36-month period will give property owners whose homes still bear damage from “Superstorm Sandy” some financial breathing room as they try to rebuild their homes and their lives.
“This bill will protect homeowners from pending foreclosure while they continue to work on their homes,” added Andrzejczak.
The measure has been referred to the Assembly State and Local Government Committee.