Borrowers Allowed to Forgo Loan Payments during Forbearance
July 20, 2009
Amendments to a New Jersey law allowing certain distressed borrowers to obtain a six-month forbearance after a foreclosure action is filed have further complicated loan modification efforts, according to legal experts. Among other changes, A.B. 3821, which Democrat Gov. Jon Corzine signed into law July 2, now provides that a borrower is not required to pay anything during that forbearance...