Keeping with the times, New Jersey has acted to “bail out” some New Jersey homeowners by passing the Save New Jersey Homes Act of 2008 (L. 2008, c. 86) (the “SHA”). The SHA became effective on September 15, and will remain in effect until January 1, 2011.
The SHA provides relief for residential mortgage borrowers who obtained artificially low “teaser rate” loans and who may now experience “payment shock” when those teaser rates reset. It basically allows these borrowers, regardless of the terms of their contracts, to have their teaser rates extended, to halt any actions to foreclose on their homes and/or to have their teaser rates extended for three years.
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