New Jersey legislation benefits foreclosure victims and buyers
Before leaving office NJ Gov. Corzine signed two pieces of real estate related legislation into law that benefits foreclosure victims and buyers
The state’s housing crisis influenced New Jersey state politicians to sponsor real estate laws that both benefit victims of foreclosures and buyers looking to take advantage of the down market.
The first measure now makes it legal for real estate brokers to pass some of their profits onto their clients.
Before this latest move, it was illegal for real estate agents to entice potential clients with the promise of a cash. New Jersey was one of 11 states that didn’t allow the incentive.
The act allows an individual real estate agent to decide whether to pay their clients or not, and stream lines business policies for some nationwide real estate brokerages.
The second enactment requires buyers of foreclosed residential buildings to notify tenants that their apartments are changing hands. The action also forces creditors to do the same.
Additionally, creditors must also maintain abandoned housing left behind by defaulting borrowers.
Last year’s record high number of foreclosures in the state affected at least 20,000 renters, according to some estimates.
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Source: http://www.nj.com/business/index.ssf/2010/01/corzine_passes_real_estate_leg.html
Before letting a bank force you out of your home, you may want to obtain some coaching on how to stop the foreclosure process dead in its tracts and buy some time to make your next move
If you’re interested, you can check out the website for more information here
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