NJ Assembly Passes Bill to Aid Homeowners with Mortgages
The Assembly passed Bill S3525, which mandates state-chartered banks, savings banks, savings and loan associations, credit unions, licensed lenders, and mortgage servicers provide homeowners with the option to make biweekly and semi-monthly mortgage payments and make payments directly toward the mortgage principal.
The bill goes back to the State Senate to concur with the Assembly's amendments before it can go to the governor's desk. If the bill becomes law, the legislation will allow borrowers to manage their mortgage payments more effectively and potentially pay down their loans faster.
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