September 1, 2014

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Foreclosure Information

Homeowners Information

Home mortgage foreclosures have increased dramatically across the nation due to the ongoing disruption of the subprime mortgage lending. The following link will supply information that may help if you are a homeowner facing home mortgage foreclosure: http://www.state.nj.us/dobi/division_consumers/finance/foreclose_subprime.html

Families and communities across New Jersey are facing mounting difficulties as a result of the boom in sub-prime mortgage lending. If you are having trouble paying back your mortgage, help is available. Do not be embarrassed. Do not panic. But most importantly, do not do nothing. If you are having trouble with your mortgage payments, contact your mortgage lender. Do not ignore your lender’s letters and phone calls. Do not wait! Your financial future is worth a phone call.

Visit NJ Home Ownership Preservation Effort for more information and resources available to resolve mortgage problems at http://www.state.nj.us/dobi/njhope/alliance.html

Tenants Information

It has come to the New Jersey Public Advocate’s attention that some tenants are being inappropriately forced out of their homes when the building in which they are living has been foreclosed. Under NJ law, most tenants have the right to remain in their homes during and after a foreclosure.

As part of our effort to ensure that tenants are aware of their rights, the Borough has included a link to the NJ Public Advocate webpage about the rights of tenants in foreclosed properties. We hope that this link will provide tenants easy access to information about the rights of tenants in foreclosed properties.

Please visit www.njpublicadvocate.gov, or “Tenants’ Rights During Foreclosure” link http://www.state.nj.us/publicadvocate/public/issues/tenants_during_foreclosure.html

Finally, if you know of a tenant in a foreclosed property who requires assistance, please have them contact the Department of the Public Advocate, Office of Citizen Relations, at (609) 826-5070.