SENATE, No. 1566 | New Jersey Passes Residential Foreclosure Transformation Act to Reuse Vacant Foreclosures

New Jersey Passes Bill to Reuse Vacant Foreclosures

The New Jersey state Senate narrowly passed a bill Monday giving the state the ability to buy vacant, previously foreclosed homes and resell or rent them out.

State Sen. Raymond Lesniak, D-Union, introduced the New Jersey Residential Foreclosure Termination Act in February.

The bill forms the New Jersey Foreclosure Relief Corp., a new state government body that would acquire, sell and rent the properties buy selling an uncapped amount of bonds. It will also issue an annual report about foreclosure activity in the state and produce financial statements of its own transactions.

If a city in New Jersey buys a foreclosed property and it sits vacant for at least 180 days, the N.J. Foreclosure Relief Corp. would take control of it.

Rest here…

Copy of the bill below…

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4closureFraud.org

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New Jersey Residential Foreclosure Transformation Act

Comments
5 Responses to “SENATE, No. 1566 | New Jersey Passes Residential Foreclosure Transformation Act to Reuse Vacant Foreclosures”
  1. JohnR says:

    Yea Charley… I’ve been waiting for that since 2007. But now the NJ Govt. is going into the rental Real Estate Business? If I was a Landlord there I’d be pissed! They can undercut anyone with their rents and that undermines Real Estate Investors! It seems it’s getting closer to the time to leave this Country.

  2. Fed up says:

    THIS IS UNBELIEVABLE AND OF COURSE THE MEDIA IS NO WHERE TO BE SEEN
    ABC CBS CNN NBC WE ALL KNOW IS A HOPELESS,– USELESS LOST CA– USE SO… WHERE THE HELL IS FOX NEWS??????
    HELLO!!!!!! HEY!!!!! BILL O’RIELLY – HANNITY – GRETTA ARE YOU THERE????
    HAS ANYONE SEE STOSSEL OR CAVUTO ???? WHERE IS THE MEDIA COVERAGE FOR THE
    COLOSSAL FRAUD AND DESTRUCTION UNLEASHED BY THE BANKS????

    HEY FOX NEWS FACTOR THIS….. YOU HAVE ALL TIME IN THE WORLD FOR OBLAMO – GUN RUNNER HOLDER – THE GSA- SOLYNDRA – ROMNEY- THE ELECTIONS—– ZZZ- ZZZ -ZZZ – C’MON FOX WAKE UP!!! START BRINGING RESOURCES TO BEAR ON THE COLOSSAL DESTRUCTION WHICH IS EVENTUALLY GOING TO TAKE DOWN THE WHOLE COUNTRY!!!!! THIS IS UNBELIEVABLE FOX IS MISSING IN ACTION —- OUT TO LUNCH.

    SORRY FOLKS ALL CLUELESS IN LA LA LAND

  3. Ron Moss says:

    Does the Chain of Title Check out OK?

  4. Mary Malone says:

    This was a bailout of the TBTF banks by the corrupt Dems, who never allow a good crisis to go to waste.

    The scheme attempts to hide the clouded title on REO properties and makes it impossible for homeowners to win their property back in a foreclosure reversal.

    Beyond corrupt – sickening, evil legislation that continues to assault NJ homeowners and taxpayers.

    Unless it is vetoed by Christie, this bill will succeed in destroying NJ neighborhoods for generations.

    • charley rice says:

      Homeowners should ALL RISE UP declare military assistance for the wrongful 4closures by the NON LENDER BANKS bringing

      ROBO SIGNED DOCUMENTS OF FRAUD UPON THE 1990-2009 DEAD TRUST, AND THE DEAD SUBPRIME LENDER BANKS, AND THE COURTS.

      IT’S A HIGH LEVEL OF CONSPIRACY FRAUD ON THE CONSTITUTION, HOMEOWNERS, & GOVT.

      THIS IS AN ATTEMPT TO DETHORE THE HOMEOWNERS BECA– USE THE BANKS NOW WANT THE FHA MORTGAGE INSURANCE THAT IS COVERED BY THE GOVERNMENT UP TO 70%-80% OF THE PROPERTY VALUE ON A FORECLOSURE THAT THE GOVERNMENT WILL PAY.

      THAT’S WHY THEY WANT TO 4CLOSE AND GIVE YOU NO REMOD. WAKE UP!!

      The bailout banks HAVE BEEN PAID IN 2008, NOW they’re double dipped on the Subprime Lenders DEAD BANKS AND THE TRUST THAT NO LONGER EXIST,

      YOUR LENDER SOLD THAT MORTGAGE AND DID NOT ASSIGN, SUBSTITUTE, ANY BANK BECA– USE THAT PROMISSORY WAS CONVERTED IN STOCK AND PLACED INTO THE TRUST HAS LOST THE RIGHT.

      THIS IS A GAME OF LIES AND DECEPTION AND SOON ALL PEOPLE WILL WAKE UP TO RECLAIM THEIR HOMES WHICH IS NOT STATE PROPERTY.

      NOW IT LOOKS LIKE THE GOVERNMENT NOW WANT TO CLAIM PROPERTIES THAT IS NOT THEIRS.

      ONLY JUST TO COVER UP THE FACT THAT THE HOMEOWNERS STILL HAVE LEGAL TITLE, AND THE 3rd PARTIES HAVE COLOR OF TITLE.

      SO STEAL AND BULLDOZE THE PROPERTY TO KEEP THE HOME OWNERS AND OCCUPY FROM EVER WAKING UP.

      THEY BROUGHT CRIMES AGAINST THE U.S. PEOPLE…

      NONE OF THE CRIMINALS ARE GOING TO JAIL! THIS IS A STATE OF EMERGENCY!!

      THE TRUSTEE, SERVICER, MERS, RECONTRUST, CAN’T FORECLOSE ONLY THE LENDER CAN 4 CLOSE. YOUR LENDER IS A DEAD BANK NOW GONE : )

      INFO ABOUT THE TRUSTEE IT WILL SHOW THE YEAR OF THE TRUST WHICH IS THE CUT OFF YEAR.

      THEY ARE BREAKING THE PSA AGREEMENT OF THE TRUST THAT STATES TRUSTEE ARE NOT ALLOWED TO SELL OR TAKE PROPERTY AFTER THE CUT OFF DATE OF THAT TRUST

      ALL THE INFORMATION IS IN THE SEC.

      FIND THE YEAR YOU BOUGHT YOUR HOME AND YOUR BANK. IN THE SEC TRUST YOUR BANK WILL HAVE INITIALS AT THE END OF THE TRUST AND THE YEAR YOU BOUGHT YOUR HOME.

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