Troubled NJ Foreclosure Program Is On Track, Official Says

Law360, New York (October 24, 2012, 5:43 PM EDT) -- The head of the New Jersey Department of Community Affairs told lawmakers Wednesday that a federally funded program to help struggling homeowners avoid foreclosure was not run well but is now on the right track, with more loans closed under the program last week than all of 2011.

DCA Commissioner Richard E. Constable III was speaking during a joint meeting of two state Assembly panels on New Jersey HomeKeeper. Launched in May 2011, the program, which provides zero interest, deferred payment second mortgage loans to eligible...
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