A group of New Jersey Assembly members recently proposed legislation which, they said, is designed to help reduce the number of foreclosures in the state and allow homeowners to keep their homes.

The Union News Daily is reporting that Assembly members Mila Jasey, Jerry Green, Jamel Holley and Elizabeth Muoio have drafted a bill that would codify the state’s Foreclosure Mediation Program, with the goal of improving New Jersey’s housing market. Under the bill, at the time the homeowner receives notice of intention to foreclose, they must also receive notice allowing them the option to take part in the Foreclosure Mediation Program. When the mortgage foreclosure complaint is filed, the homeowner must again receive notice of the option to participate in the program. In addition, the bill would authorize eligible homeowners to submit a request to schedule a mediation session with the lender.

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