New Jersey Senator Robert Menendez proposed a brand new bill on Tuesday that would aim to help homeowners nationwide avoid going into foreclosure.
Specifically aimed at individuals and families across the country who owe more than their house is worth, the bill seeks to create a program in which banks would reduce the mortgage principal for eligible homeowners.
“My bill aims to give homeowners the break they need by working with banks to find acceptable solutions for everyone,” Menendez said. “Not only can we help families stay in their homes, we can mitigate the impact zombie foreclosures have on our communities and our economy.”