KORNGUT PROPOSES FORECLOSURE ACTION PLAN FOR ATLANTIC COUNTY
(NORTHFIELD) Northfield Councilwoman Susan M. Korngut, candidate for Atlantic County Executive, today proposed her foreclosure action plan to combat the ongoing housing problem in Atlantic County.

“The housing market in Atlantic County is on shaky ground as it has been for years,” said
Korngut. “Under the current administration, we have led the nation in foreclosures and we continue to be among the leaders in the state. Foreclosed or abandoned properties are tragic for Atlantic County families and greatly impact neighboring home values while making residents less safe. As a practicing attorney for more than 20 years, I have helped clients navigate the foreclosure process and, in many cases, saved their homes. Our foreclosure action plan will help us combat Atlantic County’s chronic housing problem and enable us to turn the corner.”

Korngut’s foreclosure action plan includes:
● Greater coordination by the County among local governments so that their ordinances to hold banks and mortgage lenders accountable are more uniform. We must hold banks to the same standards in all 23 municipalities in Atlantic County when it comes to properly maintaining foreclosed properties.
● The appointment of a housing assistance officer to act as a liaison between the public,
banks and mortgage lenders, and the New Jersey Housing and Mortgage Finance Agency (HMFA) so that individuals can more readily seek alternatives to foreclosure, such as loan modification or principal reduction.
● The creation of a bipartisan housing market committee made up of local economists,
business leaders, housing advocates, local homeowners and real estate professionals. The committee would meet quarterly to assess Atlantic County’s housing market and make policy recommendations to the County Executive and the Freeholder Board.
● Bring awareness to, and assistance with, the recent state law which provides for
homeowners to enter mediation and receive housing counseling to increase their chances of having their loans modified.
● Implement guidelines to promptly get a property listed for sale once the property has
been lost to foreclosure.

“Atlantic County still has not fully recovered from the closing of four casinos and we need to make some moves if we want to achieve a position of economic strength,” said Korngut. “Our foreclosure action plan will help Atlantic County’s housing market, but it is still one part of a holistic approach to improving Atlantic County’s economy. We have a plan to change the entire economic paradigm of Atlantic County, attract jobs and investment to our area, improve our infrastructure, make Atlantic County more business-friendly and swing open the doors of opportunity for everyone willing to put in a hard day’s work. All of this begins with people feeling secure in their homes.”

To learn more about Councilwoman Korngut’s candidacy for County Executive, please go to korngut4countyexecutive.com.
###