New Jersey State Law Update (S.B. 2961)

​Cryan-Singleton Bill (S.B. 2961) mandates that, at the time the lender/servicer sends a Notice of Intent to Foreclose, a borrower must receive written notice from the lender of the option to participate in the NJ Foreclosure Mediation Program, and again when a mortgage foreclosure complaint has been filed. This notice must include information that obtaining a trained foreclosure prevention counselor is a requisite to participating in mediation, and that the borrower is not required to pay any fees to participate in the mediation program. The Notice has to be in English and Spanish. This law will be effective September 1, 2021.