Enacts the "home mortgage bridge loan assistance act" to prevent avoidable home mortgage foreclosures by providing temporary bridge loan assistance.
The bill enacts the "home mortgage bridge loan assistance act" to prevent avoidable home mortgage foreclosures by providing temporary bridge loan assistance. The commissioner of housing and community renewal establishes a program to afford temporary supplemental mortgage payments to eligible mortgagors. Eligible mortgagors must meet specific criteria, including being a permanent resident of the state, having a mortgage on a primary residence, and facing temporary financial hardship beyond their control. The program aims to avoid public and private ills associated with avoidable foreclosures.
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