Senator Menendez’s Senate Banking Committee Field Hearing, “Saving Our Neighborhoods from Foreclosures”, has been postponed due to the death of Assemblymember Alex DeCroce. When a new date is announced we will update our post.
Saving Our Neighborhoods from Foreclosures January 13th in Plainfield
All are invited to attend and observe the hearing. There will be no opportunity for public comment.
Senator Menendez, Chairman of the Subcommittee on Housing, Transportation, and Community Development will use witness testimony to work on proposals that will alleviate the burden of foreclosures on New Jersey families, neighborhoods, and municipalities. Senator Menendez chose Plainfield, New Jersey due to the high number of foreclosures in the area as well as the devastating effect that residents losing their homes has had on the community.
Topics covered by the Senator and witnesses will include:
The effects of foreclosures on New Jersey neighborhoods such as families displaced, crime, and declines in home values,
A review of what steps the Senator and other witnesses have taken or are advocating for to fix these problems, such as funding for foreclosure counseling;
more sustainable mortgage modifications including reducing the debt owed through shared appreciation;
new standards for mortgage servicing;
helping homeowners refinance;
and more quickly fixing properties that have been foreclosed or converting them to rentals.