NJ A433

Expands New Jersey's Foreclosure Counseling Fund to provide free housing counseling services to homeowners facing foreclosure, regardless of whether they intend to participate in foreclosure mediation.

Requires residential mortgage lenders to notify the New Jersey Housing and Mortgage Finance Agency (HMFA) within one business day of sending a homeowner a notice of intention to foreclose.

Mandates that HMFA ensure a trained foreclosure prevention counselor promptly contacts homeowners who receive foreclosure notices to offer counseling services.

Takes effect on the first day of the fourth month following enactment, with HMFA required to adopt implementing rules and regulations by that date.