Posted by BigV on June 21, 2007 at 17:43:13:
for if it’s a non conditional conveyance (i.e. where the owner does NOT retain option to purchase) the 82% rule does not apply.
not a lawyer, not giving legal advice.
attention NJ Investors. Very Important - Posted by gman
Posted by gman on June 19, 2007 at 20:42:13:
MUST READ
This is a copy of an email that I received. Below is all the contact
information for all the assemblyman and senators.
This is an ALERT! If you ignore the information below and the NJ
bills are passed, you will NOT be able to do any pre-foreclosure
deals (see the proposed legislation below).
Here are some quick points:
- you will have to post a bond;
- you will have to be licensed debt negotiator;
- The property will have to be sold at 82% of market value (who
will decide fair market value?) and - the homeowner will have TWO years to rescind the deal after the
transfer takes place. By the way, nothing is said about your money
being returned to you.
For your convenience I have inserted a sample letter for you to use.
URGENT-send a letter to your local senator/congressman asap! A letter
is still probably the most effective way of educating lawmakers. If
the bills pass because we have not bothered to alert or
representatives, we have no one to blame but ourselvesâ?¦.
Below is a sample letter you can re-write to send to your
representatives.
Honorable
I am writing to you to express my concern and opposition to Bill # S
2699 “Foreclosure Consulting and Anti-fraud Act” and also A
4214 “Foreclosure Rescue Fraud Prevention Act.”
Although the Bill’s intent is to assist homeowners who are behind on
their mortgage payments, I believe the passing of this Bill into law
would have the opposite effect.
The Bill’s vague and ambiguous provisions will make it difficult for
homeowners in foreclosure to find an investor to buy their property,
particularly in a weakening real estate market. The end result will
be a Sheriff Sale Foreclosure. Banks will have to take back many of
the properties which will lead to a weakening of their financial
positionâ?¦and the foreclosed homeowner will get absolutely nothing.
If the legislature is concerned abut fraud, surely there already are
existing laws to protect homeowners.
In many instances the best option available to homeowners in distress
is to work with an investor who can purchase quickly by paying
homeowners cashâ?¦which will immediately benefit the homeowners.
Yours truly,
[Insert your name and address]
The following are two summaries of the content of the recently
introduced bills in New Jersey discussed in NARHRI’s Member Update
from earlier this week
.
Summary: Senate Bill No. 2699
This bill, the “Foreclosure Consulting and Anti-Fraud Act,” clarifies
the existing scope and provisions of P.L.1979, c.16 (C.17 :16G-1 et
seq.), concerning debt adjustment and credit counseling activities,
with respect to certain foreclosure consulting practices.
The bill, as amended, clarifies that under existing law, foreclosure
consultants who, directly or indirectly, solicit, offer to perform,
or perform debt adjustment or credit counseling activities for
property owners facing foreclosure, in order to assist such owners
regarding their ability to retain ownership or possession of the
property, are required to be licensed in this State as debt
adjusters. The bill also includes distressed property purchasers as
among those who must be licensed as debt adjusters under the law. A
distressed property purchaser is anyone who acquires an interest in
fee or a beneficial interest through a trust document in a distressed
property, while allowing the debtor-owner to possess, occupy, or
retain a leasehold interest or any present or future interest in fee
in the property, or anyone involved in a joint venture or enterprise
involving a distressed property conveyance.
Currently under the law, only nonprofit social service agencies or
nonprofit consumer credit counseling agencies may be licensed as debt
adjusters.
The bill also provides the Commissioner of Banking and Insurance with
additional regulatory authority to oversee foreclosure consulting
activities as well as other debt adjustment and credit counseling
activities in this State. Such regulatory authority includes:
-permitting the commissioner to establish licensing requirements for
any agent, officer, or employee of a debt adjuster, or any category
of agent, officer, or employee, which may include disqualifications
based upon standards of good moral character; and
-permitting the commissioner, as part of any licensing application,
to require the applicant, or any category of applicants, to consent
to a criminal history record background check, and any additional
background check as deemed appropriate.
While the commissioner is already authorized to request an annual
report from any debt adjuster concerning that adjuster’s activities
conducted in the preceding calendar year, the bill emphasizes that
the commissioner may also collect information from a debt adjuster
encompassing only one or more particular activities, such as those
activities primarily performed with respect to foreclosure
consulting.
Concerning penalties for violations of the applicable debt adjustment
and credit counseling law, the bill would now permit any person to
bring an action for punitive damages, as well as receive attorney’s
fees and costs of suit. Additionally, the bill clarifies the law’s
penalty provisions by emphasizing that the commissioner’ s existing
authority to enjoin, in addition to any licensed debt adjuster, “any
other person concerned or in any way participating in” a violation of
the law, includes, with respect to foreclosure consulting activities,
which activities may include a conveyance of the property, any
mortgage banker, mortgage broker, or other licensee pursuant to
the “New Jersey Licensed Lenders Act,” P.L.1996, c.157 (C.17:11C-1 et
seq.), any real estate broker or other licensee pursuant to R.S.45:15-
1 et seq., or any real estate appraiser licensed or certified
pursuant to the “Real Estate Appraisers Act,” P.L.1991 , c.68
(C.45:14F-1 et seq.).
The committee amended the bill to clarify that the term “debt
adjuster” includes “foreclosure consultant” and “distressed property
purchaser” as defined by the bill, who therefore must be licensed as
debt adjusters. The amendments also exclude from the definition
of “distressed property purchaser” the spouse, child, parent, or
sibling of the debtor-owner.
Summary: AB 4214
This bill, the “Foreclosure Rescue Fraud Prevention Act,” requires
foreclosure consultants and distressed property purchasers, who
contract with owners of residential properties in financial distress,
to adhere to certain practices in providing foreclosure prevention
services to owners.
The bill requires a foreclosure consultant to post a bond with the
Division of Consumer Affairs prior to conducting any business in the
State. In addition, the bill provides certain contract rights for
owners of a financially distressed residential property, as defined
in the bill, who contract with foreclosure consultants, including
requirements that:
(1) the contract for foreclosure consulting services must be in
writing and must contain certain disclosures and notice requirements
in 14-point boldface type; and
(2) the owner has a right to cancel the foreclosure consulting
contract at any time until after the foreclosure consultant has fully
performed every service the consultant contracted to perform.
The bill also prohibits certain practices by foreclosure consultants,
including:
(1) collecting any fee prior to the completion of all agreed
upon services, unless compensation for partial performance is
expressly agreed upon in the contract; and
(2) collecting fees in excess of certain limits as described in the
bill.
In situations in which there is a distressed property conditional
conveyance, whereby an owner transfers the distressed property to a
distressed property purchaser, occupies the property, and retains an
option to purchase the property back from the purchaser, or a
distressed property conveyance, whereby an owner simply transfers the
distressed property to a distressed property purchaser, the bill
provides certain contract rights to owners, including requirements
that:
(1) the contract be in writing and include certain notices and
disclosures in 14-point boldface type; and
(2) the owner has a right to cancel the contract during certain
periods as described in the bill.
As to distressed property conditional conveyances, the bill places
certain obligations on distressed property purchasers, including
requirements to:
(1) verify that the owner has a reasonable ability to pay for a
subsequent conveyance of title back to the owner;
(2) ensure that the owner is paid at least 82% of the property’s fair
market value in consideration for the owner’s conveyance of title, or
transfer of a beneficial interest through a trust, to the distressed
property purchaser; and
(3) provide to the owner, prior to a distressed property conditional
conveyance, a disclosure statement that includes all costs the owner
will incur in connection with the conveyance and any option for the
owner to purchase the property back from the purchaser.
As to distressed property conveyances, the bill places certain
obligations on distressed property purchasers, including a
requirement that the owner is paid at 82% of the property’s fair
market value in consideration of the owner’s transfer of title to the
distressed property purchaser.
For a violation of the bill’s provisions, the bill provides for a
civil penalty of not more than $10,000 for the first offense, and not
more than $20,000 for the second and each subsequent offense, which
penalty may be collected in a summary proceeding pursuant to
the “Penalty Enforcement Law of 1999,” P.L.1999, c.274 (C.2A:58-10 et
seq.).
The bill provides that any person who violates any provision of the
bill is guilty of a crime of the third degree. A person who violates
any provision of the bill in connection with a pattern of foreclosure
rescue fraud or a conspiracy or endeavor to engage in a pattern of
foreclosure rescue fraud is guilty of a crime of the second degree.
The bill also provides that any distressed property conditional
conveyance or distressed property conveyance involving the transfer
of an interest in fee or a beneficial interest through a trust
document, which is made in violation of any provision of the bill, is
voidable and the transfer may be rescinded by the owner within two
years of the date of the transfer.
In addition, the bill provides that an owner may bring an action in
Superior Court against a foreclosure consultant or a distressed
property purchaser for any violation of the bill’s provisions, for
treble damages, attorney’s fees, costs of suit and appropriate
equitable relief. If an owner commences such an action, the owner
may:
(1) cause a notice of lis pendens to be filed in the office of the
county clerk in the county in which the property is located, pursuant
to N.J.S.2A:15- 6 et seq.; and
(2) introduce or provide as evidence in the action, any
contemporaneous oral agreements or representations made to the owner
by any party to a foreclosure consultant contract or distressed
property conveyance contract signed by the owner.
Finally, the bill provides that the Director of the Division of
Consumer Affairs, within the Department of Law and Public Safety, in
consultation with the Commissioner of Banking and Insurance, shall
enforce the provisions of the bill, and may promulgate regulations
necessary to effectuate the purposes of the bill.
To find your District, refer to the Information Below:
District 1 - Avalon Borough, Buena Borough, Buena Vista Township,
Cape May City, Cape May Point Borough, Dennis Township, Lower
Township, Maurice River Township, Middle Township, Millville City,
North Wildwood City, Ocean City, Sea Isle City, Somers Point City,
Stone Harbor Borough, Upper Township, Vineland City, West Cape May
Borough, West Wildwood Borough, Wildwood City, Wildwood Crest
Borough, Woodbine Borough
District 2 - Absecon City, Atlantic City, Brigantine City, Corbin
City, Egg Harbor City, Egg Harbor Township, Estell Manor City,
Galloway Township, Hamilton Township, Linwood City, Longport Borough,
Margate City, Mullica Township, Northfield City, Pleasantville City,
Port Republic City, Ventnor City, Weymouth Township
District 3 - Alloway Township, Bridgeton City, Carneys Point
Township, Clayton Borough, Commercial Township, Deerfield Township,
Downe Township, East Greenwich Township, Elk Township, Elmer Borough,
Elsinboro Township, Fairfield Township, Greenwich Township
(Cumberland), Greenwich Township (Gloucester), Harrison Township,
Hopewell Township, Lawrence Township, Logan Township, Lower Alloways
Creek Township, Mannington Township, Mantua Township, National Park
Borough, Oldmans Township, Paulsboro Borough, Penns Grove Borough,
Pennsville Township, Pilesgrove Township, Pittsgrove Township,
Quinton Township, Salem City, Shiloh Borough, South Harrison
Township, Stow Creek Township, Swedesboro Borough, Upper Deerfield
Township, Upper Pittsgrove Township, Wenonah Borough, West Deptford
Township, Woodstown Borough, Woolwich Township
District 4 - Clementon Borough, Franklin Township, Glassboro Borough,
Gloucester Township, Laurel Springs Borough, Lindenwold Borough,
Monroe Township, Newfield Borough, Pitman Borough, Washington
Township
District 5 - Audubon Borough, Barrington Borough, Bellmawr Borough,
Brooklawn Borough, Camden City, Deptford Township, Gloucester City,
Haddon Heights Borough, Hi Nella Borough, Lawnside Borough, Magnolia
Borough, Mount Ephraim Borough, Runnemede Borough, Somerdale Borough,
Stratford Borough, Westville Borough, Woodbury City, Woodbury Heights
Borough, Woodlynne Borough
District 6 - Audubon Park Borough, Berlin Borough, Berlin Township,
Cherry Hill Township, Chesilhurst Borough, Collingswood Borough,
Gibbsboro Borough, Haddon Township, Haddonfield Borough, Oaklyn
Borough, Pine Hill Borough, Pine Valley Borough, Tavistock Borough,
Voorhees Township, Waterford Township, Winslow Township
District 7 - Beverly City, Burlington City, Burlington Township,
Cinnaminson Township, Delanco Township, Delran Township, Edgewater
Park Township, Florence Township, Maple Shade Township, Merchantville
Borough, Mount Holly Township, Palmyra Borough, Pennsauken Township,
Riverside Township, Riverton Borough, Westampton Township,
Willingboro Township
District 8 - Eastampton Township, Evesham Township, Hainesport
Township, Lumberton Township, Mansfield Township, Medford Lakes
Borough, Medford Township, Moorestown Township, Mount Laurel
Township, Pemberton Borough, Pemberton Township, Shamong Township,
Southampton Township, Springfield Township, Tabernacle Township,
Woodland Township, Wrightstown Borough
District 9 - Barnegat Light Borough, Barnegat Township, Bass River
Township, Beach Haven Borough, Beachwood Borough, Berkeley Township,
Eagleswood Township, Folsom Borough, Hammonton Town, Harvey Cedars
Borough, Lacey Township, Lakehurst Borough, Little Egg Harbor
Township, Long Beach Township, Manchester Township, Ocean Gate
Borough, Ocean Township, Pine Beach Borough, Ship Bottom Borough,
Stafford Township, Surf City Borough, Tuckerton Borough, Washington
Township
District 10 - Bay Head Borough, Brick Township, Island Heights
Borough, Lavallette Borough, Manasquan Borough, Mantoloking Borough,
Point Pleasant Beach Borough, Point Pleasant Borough, Seaside Heights
Borough, Seaside Park Borough, South Toms River Borough, Toms River
Township
District 11 - Allenhurst Borough, Asbury Park City, Atlantic
Highlands Borough, Avon By The Sea Borough, Belmar Borough, Bradley
Beach Borough, Brielle Borough, Deal Borough, Eatontown Borough,
Highlands Borough, Interlaken Borough, Lake Como, Loch Arbour
Village, Long Branch City, Monmouth Beach Borough, Neptune City
Borough, Neptune Township, Ocean Township, Rumson Borough, Sea Bright
Borough, Sea Girt Borough, Spring Lake Borough, Spring Lake Heights
Borough, Wall Township, West Long Branch Borough
District 12 - Colts Neck Township, East Windsor Township, Englishtown
Borough, Fair Haven Borough, Freehold Borough, Freehold Township,
Hightstown Borough, Little Silver Borough, Manalapan Township,
Marlboro Township, Millstone Township, Oceanport Borough, Red Bank
Borough, Shrewsbury Borough, Shrewsbury Township, Tinton Falls
Borough
District 13 - Aberdeen Township, Hazlet Township, Holmdel Township,
Keansburg Borough, Keyport Borough, Matawan Borough, Middletown
Township, Old Bridge Township, Union Beach Borough
District 14 - Cranbury Township, Hamilton Township, Jamesburg
Borough, Monroe Township, Plainsboro Township, South Brunswick
Township, West Windsor Township
District 15 - Ewing Township, Hopewell Borough, Hopewell Township,
Lawrence Township, Pennington Borough, Princeton Borough, Princeton
Township, Trenton City
District 16 - Bedminster Township, Bernards Township, Bernardsville
Borough, Bound Brook Borough, Branchburg Township, Bridgewater
Township, Far Hills Borough, Hillsborough Township, Manville Borough,
Mendham Borough, Millstone Borough, Montgomery Township, Peapack
Gladstone Borough, Raritan Borough, Rocky Hill Borough, Somerville
Borough, South Bound Brook Borough
District 17 - Franklin Township, Highland Park Borough, Milltown
Borough, New Brunswick City, North Brunswick Township, Piscataway
Township
District 18 - East Brunswick Township, Edison Township, Helmetta
Borough, Metuchen Borough, South Plainfield Borough, South River
Borough, Spotswood Borough
District 19 - Carteret Borough, Perth Amboy City, Sayreville Borough,
South Amboy City, Woodbridge Township
District 20 - Elizabeth City, Kenilworth Borough, Roselle Borough,
Union Township
District 21 - Berkeley Heights Township, Chatham Township, Cranford
Township, Garwood Borough, Harding Township, Long Hill Township,
Madison Borough, Millburn Township, Mountainside Borough, New
Providence Borough, Roselle Park Borough, Springfield Township,
Summit City, Warren Township, Watchung Borough, Westfield Town
District 22 - Clark Township, Dunellen Borough, Fanwood Borough,
Green Brook Township, Linden City, Middlesex Borough, North
Plainfield Borough, Plainfield City, Rahway City, Scotch Plains
Township, Winfield Township
District 23 - Alexandria Township, Allamuchy Township, Alpha Borough,
Belvidere Town, Bethlehem Township, Blairstown Township, Bloomsbury
Borough, Clinton Town, Clinton Township, Delaware Township, East
Amwell Township, Flemington Borough, Franklin Township(Hunterdon
County), Franklin Township(Warren County), Frelinghuysen Township,
Frenchtown Borough, Glen Gardner Borough, Greenwich Township,
Hackettstown Town, Hampton Borough, Hardwick Township, Harmony
Township, High Bridge Borough, Holland Township, Hope Township,
Independence Township, Kingwood Township, Knowlton Township,
Lambertville City, Lebanon Borough, Lebanon Township, Liberty
Township, Lopatcong Township, Mansfield Township, Milford Borough,
Oxford Township, Phillipsburg Town, Pohatcong Township, Raritan
Township, Readington Township, Stockton Borough, Union Township,
Washington Borough, Washington Township, West Amwell Township, White
Township
District 24 - Andover Borough, Andover Township, Branchville Borough,
Byram Township, Califon Borough, Chester Borough, Chester Township,
Frankford Township, Franklin Borough, Fredon Township, Green
Township, Hamburg Borough, Hampton Township, Hardyston Township,
Hopatcong Borough, Lafayette Township, Montague Township, Mount Olive
Township, Netcong Borough, Newton Town, Ogdensburg Borough, Sandyston
Township, Sparta Township, Stanhope Borough, Stillwater Township,
Sussex Borough, Tewksbury Township, Vernon Township, Walpack
Township, Wantage Township, Washington Township
District 25 - Boonton Town, Boonton Township, Denville Township,
Dover Town , Jefferson Township, Mendham Township, Mine Hill
Township, Morris Township, Morristown Town, Mount Arlington Borough,
Mountain Lakes Borough, Randolph Township, Rockaway Borough, Rockaway
Township, Roxbury Township, Victory Gardens Borough, Wharton Borough
District 26 - Bloomingdale Borough, Butler Borough, Chatham Borough,
East Hanover Township, Florham Park Borough, Hanover Township,
Kinnelon Borough, Lincoln Park Borough, Montville Township, Morris
Plains Borough, Parsippany Troy Hills Township, Pequannock Township,
Pompton Lakes Borough, Riverdale Borough, West Milford Township
District 27 - Caldwell Township, Essex Fells Township, Fairfield
Township, Livingston Township, Maplewood Township, Newark City
(partial), North Caldwell Township, Orange Township, Roseland
Borough, South Orange Village Township, West Caldwell Township, West
Orange Township
District 28 - Belleville Township, Bloomfield Township, Irvington
Township, Newark City (partial)
District 29 - Hillside Township, Newark City (partial)
District 30 - Allentown Borough, Bordentown City, Bordentown
Township, Chesterfield Township, Farmingdale Borough, Fieldsboro
Borough, Howell Township, Jackson Township, Lakewood Township, New
Hanover Township, North Hanover Township, Plumsted Township,
Roosevelt Borough, Upper Freehold Township, Washington Township
District 31 - Bayonne City, Jersey City (partial)
District 32 - East Newark Borough, Fairview Borough, Harrison Town ,
Jersey City (partial), Kearny Town, North Bergen Township, Secaucus
Town
District 33 - Guttenberg Town, Hoboken City, Jersey City (partial),
Union City, Weehawken Township, West New York Town
District 34 - Clifton City, East Orange City, Glen Ridge Township,
Montclair Township, West Paterson Borough
District 35 - Glen Rock Borough, Haledon Borough, Hawthorne Borough,
North Haledon Borough, Paterson City, Prospect Park Borough, Totowa
Borough
District 36 - Carlstadt Borough, East Rutherford Borough, Garfield
City, Lyndhurst Township, Moonachie Borough, North Arlington Borough,
Nutley Township, Passaic City , Rutherford Borough, Wallington
Borough, Wood Ridge Borough
District 37 - Bergenfield Borough, Bogota Borough, Englewood City,
Englewood Cliffs Borough, Hackensack City, Leonia Borough, Maywood
Borough, Palisades Park Borough, Ridgefield Park, Rochelle Park
Township, Teaneck Township, Tenafly Borough
District 38 - Cliffside Park Borough, Edgewater Borough, Elmwood Park
Borough, Fair Lawn Borough, Fort Lee Borough, Hasbrouck Heights
Borough, Little Ferry Borough, Lodi Borough, Paramus Borough,
Ridgefield Borough, Saddle Brook Township, South Hackensack Township,
Teterboro Borough,
District 39 - Allendale Borough, Alpine Borough, Closter Borough,
Cresskill Borough, Demarest Borough, Dumont Borough, Emerson Borough,
Harrington Park Borough, Haworth Borough, Hillsdale Borough, Hohokus
Borough, Montvale Borough, New Milford Borough, Northvale Borough,
Norwood Borough, Old Tappan Borough, Oradell Borough, Park Ridge
Borough, Ramsey Borough, River Edge Borough, River Vale Township,
Rockleigh Borough, Saddle River Borough, Upper Saddle River Borough,
Waldwick Borough, Washington Township, Westwood Borough, Woodcliff
Lake Borough
District 40 - Cedar Grove Township, Franklin Lakes Borough, Little
Falls Township, Mahwah Township, Midland Park Borough, Oakland
Borough, Ridgewood, Ringwood Borough, Verona Township, Wanaque
Borough, Wayne Township, Wyckoff Township
Below: Find Your Representative’s Name and Address
District 9
Senator LEONARD T. CONNORS, JR. - Republican
District Office: 620 West Lacey Road, Forked River, NJ 08731 (609)-
693-6700
Assemblyman CHRISTOPHER J. CONNORS - Republican
District Office: 620 West Lacey Rd., Forked River, NJ 08731 (609)-693-
6700
Assemblyman BRIAN E. RUMPF - Republican
District Office: 620 West Lacey Rd., Forked River, NJ 08731 (609)-693-
6700
District 10
Senator ANDREW R. CIESLA - Republican
District Office: 852 Highway 70, Brick, NJ 08724 (732)-840-9028
Assemblyman JAMES W. HOLZAPFEL - Republican
District Office: 852 Hwy. 70, Brick, NJ 08724 (732)-840-9028
Assemblyman DAVID W. WOLFE - Republican
District Office: 852 Hwy. 70, Brick, NJ 08724 (732)-840-9028
District 11
Senator JOSEPH A. PALAIA - Republican
District Office: 290 Norwood Ave., Suite 204, Deal, NJ 07723 (732)-
531-1303
Assemblyman STEVE CORODEMUS - Republican
District Office: 40 First Ave., P.O. Box 266, Atlantic Highlands, NJ
07716 (732)-708-0900
Assemblyman SEAN T. KEAN - Republican
District Office: 1334 Laurel Avenue, Suite A, Wall Twp., NJ 08750
(732)-974-0400
District 12
Senator ELLEN KARCHER - Democrat
District Office: 400 West Main Street, 3rd Floor, Freehold, NJ 07728
(732)-462-8883
Assemblywoman JENNIFER BECK - Republican
District Office: 256 Route 79, 1st Floor, Morganville, NJ 07751 (732)-
772-1571
Assemblyman MICHAEL J. PANTER - Democrat
District Office: 167 Avenue of the Common, Suite 7, Shrewsbury, NJ
07702 (732)-544-2116
District 13
Senator JOSEPH M. KYRILLOS, JR. - Republican
District Office: One Arin Park Building, Suite 303, 1715 Highway 35,
Middletown, NJ 07748 (732)-671-3206
Assemblywoman AMY H. HANDLIN - Republican
District Office: 890 Main St., Belford, NJ 07718 (732)-787-1170
Assemblyman SAMUEL D. THOMPSON - Republican
District Office: 725 Highway 34, Matawan, NJ 07747 (732)-583-5558
District 14
Senator PETER A. INVERSO - Republican
District Office: 3691A Nottingham Way, Hamilton Square, NJ 08690
(609)-586-1330
Assemblyman BILL BARONI - Republican
District Office: 2239 Whitehorse-Mercerville Road, Suite E, Hamilton,
NJ 08619 (609)-631-9988
Assemblywoman LINDA R. GREENSTEIN - Democrat
District Office: 7 Centre Dr., Suite 2, Monroe, NJ 08831-1565 (609)-
395-9911
District 15
Senator SHIRLEY K. TURNER - Democrat
District Office: 1440 Pennington Rd., 1st Floor, Ewing, NJ 08618
(609)-530-3277
Assemblyman REED GUSCIORA - Democrat
District Office: 226 W. State St., Trenton, NJ 08608 (609)-292-0500
Assemblywoman BONNIE WATSON COLEMAN - Democrat
District Office: 226 W. State St., Trenton, NJ 08608 (609)-292-0500
District 16
Senator WALTER J. KAVANAUGH - Republican
District Office: 76 North Bridge Street, Somerville, NJ 08876 (908)-
526-4222
Assemblyman CHRISTOPHER BATEMAN - Republican
District Office: 36 East Main St., Somerville, NJ 08876 (908)-526-
3600
Assemblyman PETER J. BIONDI - Republican
District Office: 1 East High St., Somerville, NJ 08876 (908)-252-0800
District 17
Senator BOB SMITH - Democrat
District Office: 216 Stelton Rd., Suite E-5, Piscataway, NJ 08854
(732)-752-0770
Assemblyman UPENDRA J. CHIVUKULA - Democrat
District Office: 888 Easton Ave., Somerset, NJ 08873 (732)-247-3999
Assemblyman JOSEPH V. EGAN - Democrat
District Office: 100 Bayard St., New Brunswick, NJ 08901 (732)-249-
4550
District 18
Senator BARBARA BUONO - Democrat
District Office: 100 Plainfield Ave., Suite 1, Edison, NJ 08817 (732)-
819-8141
Assemblyman PETER J. BARNES, III - Democrat
District Office: Stephenville Park Plaza, 3 Stephenville Parkway,
Suite 2E, Edison, NJ 08820 (732)-548-1406
Assemblyman PATRICK J. DIEGNAN, JR. - Democrat
District Office: 908 Oak Tree Ave., Unit P, South Plainfield, NJ
07080 (908)-757-1677
District 19
Senator JOSEPH F. VITALE - Democrat
District Office: 87 Main St., Woodbridge, NJ 07095 (732)-855-7441
Assemblyman JOSEPH VAS - Democrat
District Office: 276 Hobart St., Perth Amboy, NJ 08862 (732)-324-5955
Assemblyman JOHN S. WISNIEWSKI - Democrat
District Office: 3145 Bordentown Ave., Suite B, Parlin, NJ 08859
(732)-316-1885
District 20
Senator RAYMOND J. LESNIAK - Democrat
District Office: 985 Stuyvesant Ave., Union, NJ 07083 (908)-624-0880
Assemblyman NEIL M. COHEN - Democrat
District Office: 985 Stuyvesant Ave., Union, NJ 07083 (908)-624-0880
Assemblyman JOSEPH CRYAN - Democrat
District Office: 985 Stuyvesant Ave., Union, NJ 07083 (908)-624-0880
District 21
Senator THOMAS H. KEAN, JR. - Republican
District Office: 203 Elm Street, 1st Floor, Westfield, NJ 07090 (908)-
232-3673 District Office: 57 Union Place, Suite 310, Summit, NJ 07901
(908)-918-0414
Assemblyman JON M. BRAMNICK - Republican
District Office: 203 Elm St., 1st Floor, Westfield, NJ 07090 (908)-
232-3673 District Office: 57 Union Place, Suite 310, Summit, NJ 07901
(908)-918-0414
Assemblyman ERIC MUNOZ - Republican
District Office: 57 Union Place, Suite 310, Summit, NJ 07901 (908)-
918-0414 District Office: 203 Elm St., 1st Floor, Westfield, NJ 07090
(908)-232-3673
District 22
Senator NICHOLAS P. SCUTARI - Democrat
District Office: 1514 E. Saint Georges Ave., 2nd Floor, Linden, NJ
07036 (908)-587-0404
Assemblyman JERRY GREEN - Democrat
District Office: 17 Watchung Ave., Plainfield, NJ 07060 (908)-561-5757
Assemblywoman LINDA STENDER - Democrat
District Office: 1801 East Second St., 2nd Floor, Scotch Plains, NJ
07076 (908)-668-1900
District 23
Senator LEONARD LANCE - Republican
District Office: 119 Main Street, Flemington, NJ 08822 (908)-788-6900
Assemblyman MICHAEL J. DOHERTY - Republican
District Office: 127 Belvidere Ave., 2nd Floor, Washington, NJ 07882
(908)-835-0552
Assemblywoman MARCIA A. KARROW - Republican
District Office: 1 Maple Avenue, Flemington, NJ 08822 (908)-782-5127
District 24
Senator ROBERT E. LITTELL - Republican
District Office: P.O. Box 328, 25 Route 23 South, Franklin, NJ 07416
(973)-827-2900
Assemblyman GUY R. GREGG - Republican
District Office: 230 US Highway 206, STE 201, Flanders, NJ 07836
(973)-584-5422
Assemblywoman ALISON LITTELL MCHOSE - Republican
District Office: 13 Main St., Suite 8, Sparta, NJ 07871 (973)-726-
0954
District 25
Senator ANTHONY R. BUCCO - Republican
District Office: 75 Bloomfield Ave., 3rd Floor, Denville, NJ 07834
(973)-627-9700
Assemblyman MICHAEL PATRICK CARROLL - Republican
District Office: 20 South St., Suite 2B, Morristown, NJ 07960 (973)-
539-8113
Assemblyman RICHARD A. MERKT - Republican
District Office: 12 Old Brookside Rd., Randolph, NJ 07869 (973)-895-
9100
District 26
Senator ROBERT J. MARTIN - Republican
District Office: 101 Gibraltar Dr., Suite 1-A, Morris Plains, NJ
07950 (973)-984-0922
Assemblyman ALEX DECROCE - Republican
District Office: 101 Gibraltar Dr., Suite 1-A, Morris Plains, NJ
07950 (973)-984-0922
Assemblyman JOSEPH PENNACCHIO - Republican
District Office: 101 Gibraltar Dr., Suite 1-A, Morris Plains, NJ
07950 (973)-984-0922
District 27
Senator RICHARD J. CODEY - Democrat
District Office: 449 Mount Pleasant Avenue, West Orange, NJ 07052
(973)-731-6770
Assemblyman MIMS HACKETT, JR. - Democrat
District Office: 15 Village Plaza, Suite 1B, South Orange, NJ 07079
(973)-762-1886
Assemblyman JOHN F. MCKEON - Democrat
District Office: 4 Sloan St., Suite D & E, South Orange, NJ 07079
(973)-275-1113
District 28
Senator RONALD L. RICE - Democrat
District Office: 1044 South Orange Ave., Newark, NJ 07106 (973)-371-
5665
Assemblyman CRAIG A. STANLEY - Democrat
District Office: 1200 Clinton Ave., Suite 140, Irvington, NJ 07111
(973)-399-1000
Assemblywoman OADLINE D. TRUITT - Democrat
District Office: 1064 Clinton Avenue, Suite 180, Irvington, NJ 07111
(973)-371-2066
District 29
Senator SHARPE JAMES - Democrat
District Office: 50 Park Place, Suite 1535, Newark, NJ 07102 (973)-
622-0007
Assemblyman WILFREDO CARABALLO - Democrat
District Office: 371 Bloomfield Ave., 2nd Floor, Newark, NJ 07107
(973)-350-0048
Assemblyman WILLIAM D. PAYNE - Democrat
District Office: 40 Clinton St., Suite 200, Newark, NJ 07102 (973)-
621-1400
District 30
Senator ROBERT W. SINGER - Republican
District Office: 2110 W. County Line Rd., Jackson, NJ 08527 (732)-901-
0702
Assemblyman RONALD S. DANCER - Republican
District Office: 2110 W. County Line Rd., Jackson, NJ 08527 (732)-901-
0702
Assemblyman JOSEPH R. MALONE, III - Republican
District Office: 311 Farnsworth Avenue, Bordentown, NJ 08505 (609)-
298-6250
District 31
Senator JOSEPH V. DORIA, JR. - Democrat
District Office: 1738 Kennedy Blvd., Jersey City, NJ 07305 (201)-451-
5100
Assemblyman CHARLES T. EPPS, JR. - Democrat
District Office: 1757 Kennedy Blvd., Jersey City, NJ 07305 (201)-200-
1820
Assemblyman LOUIS M. MANZO - Democrat
District Office: 107 West Side Avenue, Jersey City, NJ 07305 (201)-
309-0770
District 32
Senator NICHOLAS J. SACCO - Democrat
District Office: 9060 Palisade Ave., North Bergen, NJ 07047 (201)-295-
0200
Assemblyman VINCENT PRIETO - Democrat
District Office: 1249 Paterson Plank Rd., Secaucus, NJ 07094 (201)-
770-1303
Assemblywoman JOAN M. QUIGLEY - Democrat
District Office: The Hamilton Park Foundry, 242 Tenth Street, Suite
101 , Jersey City, NJ 07302 (201)-217-4614
District 33
Senator BERNARD F. KENNY, JR. - Democrat
District Office: 235 Hudson Street, Suite 1, Hoboken, NJ 07030 (201)-
653-1466
Assemblyman BRIAN P. STACK - Democrat
District Office: 3715 Palisade Avenue, 3rd Floor, Union City, NJ
07087 (201)-330-3233
Assemblyman SILVERIO A. VEGA - Democrat
District Office: 303 58th St., West New York, NJ 07093 (201)-854-0900
District 34
Senator NIA H. GILL, ESQ. - Democrat
District Office: 425 Bloomfield Avenue, 2nd Floor, Montclair, NJ
07042 (973)-509-0388
Assemblyman THOMAS P. GIBLIN - Democrat
District Office: 1333 Broad Street, Clifton, NJ 07013 (973)-779-3125
Assemblywoman SHEILA Y. OLIVER - Democrat
District Office: 15-33 Halsted Street, Suite 202, East Orange, NJ
07018 (973)-395-1166
District 35
Senator JOHN A. GIRGENTI - Democrat
District Office: 507 Lafayette Avenue, Hawthorne, NJ 07506 (973)-427-
1229
Assemblywoman NELLIE POU - Democrat
District Office: 100 Hamilton Plaza, Suite 1403-05, Paterson, NJ
07505 (973)-247-1555
Assemblyman ALFRED E. STEELE, REV. - Democrat
District Office: 100 Hamilton Plaza, Suite 1400, Paterson, NJ 07505
(973)-247-1521
District 36
Senator PAUL A. SARLO - Democrat
District Office: Fleet Bank Building, 2nd Floor, 207 Hackensack St.,
Wood-Ridge, NJ 07075 (201)-804-8118
Assemblyman FREDERICK SCALERA - Democrat
District Office: 800 Bloomfield Ave., Lower Level, Nutley, NJ 07110
(973)-667-4431
Assemblyman GARY S. SCHAER - Democrat
District Office: 1 Howe Avenue, Suite 302, Passaic, NJ 07055 (973)-
249-3665
District 37
Senator LORETTA WEINBERG - Democrat
District Office: 545 Cedar Lane, Teaneck, NJ 07666 (201)-928-0100
Assemblyman GORDON M. JOHNSON - Democrat
District Office: 1 Engle St., Suite 104, Englewood, NJ 07631 (201)-
541-1118
Assemblywoman VALERIE VAINIERI HUTTLE - Democrat
District Office: 1 Engle St., Suite 104, Englewood, NJ 07631 (201)-
541-1118 District Office: 545 Cedar Lane, Teaneck, NJ 07666 (201)-928-
0100
District 38
Senator JOSEPH CONIGLIO - Democrat
District Office: 205 Robin Road, Suite 216, Paramus, NJ 07652 (201)-
576-9199
Assemblyman ROBERT M. GORDON - Democrat
District Office: Radburn-Plaza Building, 14-25 Plaza Road, P.O. Box
398, Fair Lawn, NJ 07410 (201)-703-9779
Assemblywoman JOAN M. VOSS - Democrat
District Office: 520 Main Street, Fort Lee, NJ 07024 (201)-346-6400
District 39
Senator GERALD CARDINALE - Republican
District Office: 350 Madison Avenue, Cresskill, NJ 07626 (201)-567-
2324
Assemblyman JOHN E. ROONEY - Republican
District Office: Valley Office Park, 436 Old Hook Rd., Emerson, NJ
07630 (201)-967-8910
Assemblywoman CHARLOTTE VANDERVALK - Republican
District Office: 220 Kinderkamack Rd., Suite E, Westwood, NJ 07675
(201)-666-0881
District 40
Senator HENRY P. MCNAMARA - Republican
District Office: 191 Godwin Ave., 2nd Floor, P.O. Box 68, Wyckoff, NJ
07481 (201)-848-9600
Assemblyman KEVIN J. O’TOOLE - Republican
District Office: 573 Valley Rd., Suite 2, Wayne, NJ 07470 (973)-696-
2323
Assemblyman DAVID C. RUSSO - Republican
District Office: 22 Paterson Ave., Midland Park, NJ 07432 (201)-444-
9719
Gary Hird
http://www.jerseypreforeclosures.com
email me for a free 7 day trial
gary@jerseypreforeclosures.com
a little misleading - Posted by BigV
Posted by BigV on June 21, 2007 at 14:20:41:
the post says:
“If you ignore the information below and the NJ
bills are passed, you will NOT be able to do any pre-foreclosure
deals (see the proposed legislation below).”
While in actuality, the law will restrict the pre-foreclosure deals where the owner RETAINS interest in the property after the deed is transferred
It’s not an Ad… - Posted by IB (NJ)
Posted by IB (NJ) on June 21, 2007 at 13:50:53:
It’s a legitimate concern going on in our state right now.
Ib
you only read the first half - Posted by concerned
Posted by concerned on June 21, 2007 at 15:28:17:
please keep in mind this was already passed in NY and has been a complete mess. Just like any new laws all the states will eventually follow.
In situations in which there is a distressed property conditional
conveyance, whereby an owner transfers the distressed property to a
distressed property purchaser, occupies the property, and retains an
option to purchase the property back from the purchaser, or a
distressed property conveyance, whereby an owner simply transfers the
distressed property to a distressed property purchaser, the bill
provides certain contract rights to owners, including requirements
that:
(1) the contract be in writing and include certain notices and
disclosures in 14-point boldface type; and
(2) the owner has a right to cancel the contract during certain
periods as described in the bill.
As to distressed property conditional conveyances, the bill places
certain obligations on distressed property purchasers, including
requirements to:
(1) verify that the owner has a reasonable ability to pay for a
subsequent conveyance of title back to the owner;
(2) ensure that the owner is paid at least 82% of the property’s fair
market value in consideration for the owner’s conveyance of title, or
transfer of a beneficial interest through a trust, to the distressed
property purchaser; and
(3) provide to the owner, prior to a distressed property conditional
conveyance, a disclosure statement that includes all costs the owner
will incur in connection with the conveyance and any option for the
owner to purchase the property back from the purchaser.
As to distressed property conveyances, the bill places certain
obligations on distressed property purchasers, including a
requirement that the owner is paid at 82% of the property’s fair
marke t value in consideration of the owner’s transfer of title to the
distressed property purchaser.
BigV is correct… - Posted by IB (NJ)
Posted by IB (NJ) on June 21, 2007 at 20:42:05:
and this was my assessment last week when Redline (an Investor in NJ) posted this. I brought this to GSREIA’s attention (one of the REIA’s whose fighting this legislation). However, they have consulted with a lobbyist who still feels that the bill should be battled. The position is that government (the banking commission) shouldn’t interfere in RE deals.
Personally, I didn’t see anything wrong with the Senate’s bill. However, we’re all screwed if the one in the Assembly passes and takes precedent over the other.
Ib