“My daughter, a teacher who lost her husband two years ago and has two teenage children, has been struggling to pay a mortgage and a second mortgage. She has not missed a payment and has been discouraged to refinance after she paid for a reassessment since the house is financially ‘underwater’. Passage of the…bill would help her tremendously.” – Catherine, Warren
“First, let me tell you that when I read this, tears formed in my eyes… We tried the ‘mortgage modification’ route, but we were denied because we had too much equity and made too much money, even though my wife was unemployed at the time and I was just starting a business… Because of that ‘mortgage modification’ try, our credit rating took a severe decline. I did not know this until I tried to refinance our mortgage amount at the current interest rates. We were denied again. If my family can refinance at today’s lower rates, we would save $900 to $1000 per month. This would allow us to keep our house and my wife could afford to accept an entry level position.” – Larry, Princeton Junction
“Even though I originally put down 30% of the house price, I cannot qualify to refinance with the reduction in my homes value -- even though my mortgage balance is still only 85% of the value. I have a credit score of over 800 and still can't take advantage of a full 2% reduction in the mortgage rate. I would save over $3,000 a year and that would be used to help my girls in their current underemployed situations.” - Ken, Sewell
“I definitely think it would lower my monthly payments. For us working class people having to work 2 jobs to make ends meet -- while at the same time going to school -- it would certainly take some stress off our budget which can be diverted to savings to meet more pressing college education needs.” -- Joan, Piscataway
“My husband, who is 71, still has to work just to keep our heads above water. Plus, he works for the post office and we all know they are struggling too. ANY way we could save some money would be a big help. I have lived in my home for almost 66 years and I would like to live here until I pass on.” – Linda, Ho Ho Kus
“My parents are currently on social security and paying a mortgage interest rate of 5.625%. Your proposal would reduce my parents’ burden by at least $200.00 a month. My Mom says food costs are getting out of hand. An extra $200.00 a month would help out more than you can ever tell.” -- Michael, Milford
“Having an extra $100 to $300 might not be much for a rich family, but in the community of Bordentown City, it would lessen families’and single people's burdens. Thank you for all the work you do for New Jersey and its citizens.” – Heather, Bordentown
“It would help immensely. I have been trying to refinance for 2 years. We always pay our mortgage on time. We have school loans and we are drowning. It seems no one wants to help since we are not in default. The only help available is for someone who cannot pay anything. I am totally in support of your bill. I only wish it could help my family today. I spend days on the phone looking for help.” - Susan, Secaucus
“It will help those homeowners who want to stay in their home, but are borderline when it comes to paying the mortgage. Personally, if I could save a few hundred dollars a month, I would make some needed repairs and improvements to my home. This would benefit me as well as the local merchants I patronize.” -- Dennis, Montclair
“The upfront fees have been the biggest hurdle for me. After applying the fees to the current mortgage balance, the new mortgage would result in minimal monthly savings. I cannot afford to pay the fees out of pocket.” – Sharon, Sicklerville
“My daughter has applied for a refinance. Perfect credit. Not only was she turned down because her home was valued at $15,000 less than purchase price, she had to pay the cost of the appraisement of $490.00. So not only not get refinanced, but to pay not to get it. Is that fair?” – William, South Plainfield
“As a career law enforcement employee of the state of NJ, I would appreciate the opportunity to lower my mortgage since I have almost no chance of seeing a reduction in my city and county property taxes which are overwhelming to say the least. This legislation would allow thousands of homeowners who have seen the value of their homes plummet since purchasing only a few years ago, see some light at the end of the tunnel in regards to their finances. I wish Senator Menendez success with his efforts to help those in need.” – Michael Perth Amboy
“We applied for a refinance mortgage six months ago and it is still pending. We were finally approved last month and still are not able to close. The funding company keeps finding reasons to delay the closing... I have provided everything that was asked for and they keep coming back with nonsensical reasons to stall this closing… I am a cancer survivor for 9 years and thought that was the toughest fight of my life, until this. Trying to refinance my mortgage is harder than fighting cancer.” -- Linda, Toms River
“It’s a little too late for us... We were forced to sell quickly when we couldn't refinance back to a 30 year mortgage, when we had tons of equity and only had 8 years left on a 20 year mortgage... Back to a 30 year mortgage, and we would have been fine.... Now we're in a rented townhouse and dont know if we will ever be able to buy again... sad, but I guess this is the American way..... Pay faithfully for 25+ years, and when the chance comes to take it all away, presto, someone is there just waiting to do it.... Shame on the US government for waiting so long and letting this happen to so many, including ourselves…” – Robert, Monmouth Junction
“Homeowner's need help, not the banks!” - David, Hopewell
“This is a no-brainer and should apply to all mortgages, not just those backed by Fannie & Freddie. With incomes stagnant and losing ground to inflation every day, even those with jobs have no extra cash. Our consumer-based economy no longer has any consumers. It's a vicious circle. The less money put into the economy spells disaster for all of us.” – Nancy, Long Valley
“With the lowest finance rates on record in the US right now it could save hundreds of dollars to homeowners on their inflated mortgages. The homes are not the same value as the home loans and it is unfair, the banks are refusing to negotiate new refinance opportunities. My home loan increased $200 per month because the banks keep reselling my loan to another mortgage company. My income has not increased so this additional monthly cost is killing my monthly budget.” – Vicki, West Orange
“There are several friends and family members (including me) who would love to be able to refinance their mortgages to reduce their monthly payments. However, the high closing costs and the delays in approving refinancing prevents folks from even trying to apply.” – Thomas, Merchantville
“It is an important, practical, and worthwhile idea. The great recession was largely caused by the housing crisis, and reform in home financing would be a major way to effect recovery. It would help me (my mortgage is large, and I am getting close to being underwater - I pay my bills & struggle.) I have good credit, but could greatly use some relief like millions of others. Good luck with a great idea in a stagnant, gridlocked congress.” – Terry, Saugerties, New York
“The bill won't have any direct impact on me. However, it would indirectly impact me and my neighbors if some of them cannot refinance at a lower market rate. It also seems patently unfair if quasi government agencies like Fannie Mae or Freddie Mac prohibit or hinder homeowners from refinancing at lower market rates while at the same time receive tax payer assistance. I am especially concerned about information I have learned from NPR radio regarding Fannie Mac and Freddie Mac obstructing homeowners from refinancing at a lower rate because those agencies have a vested interest in holding higher rate mortgages in their portfolio due to their investments.” – Sharad, Kendall Park
“Reducing the red tape, time, complications/headaches for refinancing or buying a new home is always good. Lowering monthly bills is critical when everything else is going up. It helps people keep what they have and continue spending with a decent lifestyle. The banks get to much of our money already and 30 years is a long commitment. I support this wholeheartedly.” - Rikki, Cliffwood
“If someone who is paying their bills on time, and are responsible, they should have the opportunity to refinance at these historic low interest rates. Banks are just being greedy, and building their own ‘fortress balance sheets’, because of their own screw ups in 2007 and earlier. Why should consumers suffer, when the ‘too big to fail’ corporations and their well paid managers all do so well. I say heck no....let folks with high interest rate loans refinance.” – Timothy, West Long Branch
“I'm barely getting by and I'm still current on my home loan but it is really hard. My interest rate is currently 5.5 percent but my credit score is below 700 so it is hard for me to get a decent interest rate if I try to refinance now. I believe this bill would really help me out. If I could save a few hundred a month on my mortgage I could get my credit cards paid down and that would make much easier for me. I also believe there are hundreds of thousands of Americans that could benefit from this bill.” - Sean, Mantua
“Congress should pass this bill. Responsible middle class homeowners need a solution, to help them reduce their monthly payments.” – Kathy, Millstone
“I am in the process of a loan modification that has been taking over 6 months and all we get is the run around… just need help to get our mortgage payment lowered. My husband is self-employed and not making enough money.” - Jessica, Ridgefield
“I will be able to keep up with mortgage payment and safe my house. I am barely make my payments! It's really hard in this economy - I actually thinking to stop pay my mortgage if I will be not approve for mortgage modification.” – Elena, South Amboy
“It would have a great impact on my family’s financial situation. I am currently at a 6.375% rate and cannot refinance due to home values dropping drastically in my area. I have always paid my mortgage (all of my bills) on-time and have excellent credit, but that doesn't seem to matter... A couple extra hundred dollars would go a long way in my young family especially since my wife had recently been laid off from her teaching position. Thanks for looking out for the middleclass!” – Matt, Sicklerville
“Although we have 2 incomes, my current mortgage is more than my personal monthly income. We bought our home 7yrs ago when the market was at its highest. My house will now be assessed about $100,000 less than what we paid for it & we have a daughter going to college next year. The Refinance Act would greatly help us keep our home and be able to send both of our daughters to college without having to take on additional jobs.” – Meg, Bayonne
“It will not only help people stay in their homes, but may increase disposable income for other necessary expenses. Allowing people to stay in their homes helps to maintain property values in the neighborhood, thus helping us all.” Frank, Whitehouse Station
“For senior citizens it would be a real blessing as they are struggling too. The cost of living increase in their Social Security has been limited or non-existent the past few years. Lowering their mortgage rates would put needed money in their pockets which in turn would help the economy. Thank you for initiating this bill.” – Carol, Wayne
“I don't need it now, but for others who are struggling, a few $100 extra each month would provide the cushion of relief that will allow them to keep their homes, and be able to pay other bills. We cannot allow the banks, who have caused this crisis, to make the decisions here. We have to consider the larger economic picture. Thanks for the opportunity to state my opinion.” – Therese, Stratford
“There are so many families that cannot afford the mortgage payments they have to make. The banks refuse to make any arrangements until the home goes into foreclosure. This is another example of the banks being penny wise and pound foolish. Helping families to refinance at a lower rate will benefit all, including the bankers and communities by keeping families in their homes and allowing them to keep their jobs.” – Linda, Kendall Park
“It will save me and people like me a lot of money. Right now I myself am a victim of this issue. I am paying 6.75% and my loan is owned by Fannie Mae. I was never late paying my mortgage. When I wanted to refinance, they said my loan is lender paid insurance and I don't qualify for refinancing. This is absurd. I could have saved hundreds and pay pay off our other bills sooner.” – Mohammed, Sayreville
“I have been wanting to refinance my mortgage (5.625%) for a better rate. I have never missed a mortgage payment or have ever been late. My husband has been out of work one year this past May and it would really help to lower my mortgage payment.” – Barbara, Belleville
“The obvious, keep people in their homes. Keep neighborhoods strong, keep property values from falling, keep children in their present schools, help local economies. People who can refinance and stay in their homes will also spend money to paint, landscape and refurbish their homes which stimulates the economy. It is the moral and right thing to do for people.” – Jamie, Allentown
“I am a registered Republican and I feel that this bill should be passed and viewed as a win for all New Jersey Home owners that are in desperate need of relief. Thank you for your efforts.” – Sharon, Bordentown
“I think it is a great beginning. I think it is criminal that we have bailed out the banking industry with tax dollars, and they were not forced to renegotiate the terms of the loans for millions of homeowners who are under water and not able to refinance the terms of their loans. Shame on Congress and the President for not pressing these lenders. I am happy that you are taking an initial step in the right direction, but it is not enough. The American people are hurting, and we need your help.” – Alvin, Colts Neck
“I would be able to have my interest rate cut in half thereby saving me hundreds of dollars every month. This would increase my spending ability and my ability to save more money and make larger contributions to my IRA.” – Cheryl, Orange
“After refinancing, many middle-class Americans would be able to pay down IRS bills, student loans, and credit card bills. In return, most will spend the extra money they save from refinancing, which will boost our economy. As a NJ TEACHER, my pension and health insurance have increased and will continue to increase dramatically over the next few years. Unfortunately, the slight increase of my salary will not be enough to cover my bills in the years to come. In addition, as a homeowner, my property taxes have sky-rocketed. The only solution I found was to refinance and start saving money now in order to cover these costs in the future. Luckily, I was able to refinance with Harp 2.0 but could not escape the fees which are stopping many of my colleagues from refinancing. Your bill sounds great. I believe it will definitely help many homeowners. Thank you for always protecting us.” – B. Nieves, Jersey City
“This would help me personally. I am stuck paying 8.9% interest on my secondary and 7% on my primary mortgage. I always pay 2 weeks early and pay extra principle every month since I bought the house, but I am told over and over that I don't qualify to refinance my house to today's rates. I either don't qualify because they say I can't afford it which doesn't make sense because it would substantially lower my payment or I don't qualify because I don't have at least 20% equity in the house. This would save me a lot of money I could use to pay off student loans, make an extra principle payment every month or make it so I can take a day off regularly and spend some time with my family (I work 3 jobs so currently work long hours every day).” – Paul, Woodbury
“Pay less on our mortgage so that we can save for our retirement, which is right around the corner. We are both in our mid 50's and have not been able to save for our golden years.” Aida, Oaklyn
“It will allow many families to find relief from crushing mortgage payments and reduce the pressure and stress that it places on their family life. Furthermore, the money that they save on mortgage payments will be spent on other things, helping to stimulate the economy.” – John, Atlantic City
“It will help them survive in the current economy. It could make the difference between putting food on the table or going hungry. With the other cuts set to take place such as student loans interest rates doubling, snap being reduced, this could really have a huge impact on middle class families. Thank you for helping us.” – Cheryl, Old Bridge
“I think I could take advantage of it. I bought my condo in 2007 and now I'm 35 k in the red. I tried to refinance but the mortgage would have been over 125% of the value therefore I couldn't refinance with a lower rate. I paid $300 to appraise my condo and at the end I was unable refinance.” – Jessica, Hillsborough
“As of right now I am trying to refinance to a lower rate. My house was purchased for $305,000 in 2006 and the appraisal right now is $229,000! I have never made a late payment! I am originally from Mexico and I am now a US citizen. Please help me live the American Dream!” – Juan, Toms River
“Senator, I believe that this bill could help many people. The home prices in our area have fallen dramatically in recent years. Many of us owe far more than our homes are worth. The banks do not care. Ironically many advertise low rate mortgages. Just try to get one. Not only are the criteria for qualification outrageous, the fees kill you. We need help! Thank you for working toward getting this bill approved.”- Jim, Merchantville
“Yes, I'm glad someone is thinking of the hard working middle class that always was the backbone of the US. We are putting our third child through college. We were able to refinance at a lower rate. The few hundred dollars we save each month are easing the burden of high tuition costs.” – Robin, Sparta
“I believe it would have a tremendous impact on my own community as there are already two houses in our two block community that have foreclosed already! Also for our daughter and son-in-law living in Nutley, NJ who have tried so many times to refinance at a lower rate BUT have not been able to do so. They have a child in Rutgers University and also a daughter in High School and are struggling to pay their bills.” – Marie, Bayville
“You describe our situation exactly. My husband and I borrowed on our home, (when we thought that all was OK) for my child care business. We make our payments but it is very hard and my business is struggling. We no longer live the American dream. It is is a daily struggle just staying afloat. To have a smaller interest rate would be helpful to lower our payment.” – Dolores, Palmyra
“By now, everyone has heard about the thousands of people who owe more than their homes are worth. What's worse is that the interest on their loans are very high, while current rates are extremely low. Your proposal could save these people hundreds of dollars each month, thousands over the life of their loan. This makes so much sense, especially since so many of these people are in danger of losing their homes. And that would benefit no one, not even the banks and mortgage companies! Your proposal is a win/win solution to a problem that threatens my community, as well as communities across the country. Thank you for trying to bring a common sense solution.” – Maureen, Deptford, NJ
“This would have a very positive impact on families, and our economy. It is fantastic idea, long overdue! Please do everything you can to see this bill through to fruition. Thank you!” - Marc, Trenton
“My husband, who is 71 still has to work, just to keep our heads above water. Plus, he works for the post office and we all know they are struggleing too. ANY way we could save some money would be a big help. I have lived in my home for almost 66 years and I would like to live here until I pass on.” – Linda, Ho Ho Kus
“I support you in this, not for myself but for my grandchildren and others of their generation - the current middle class whose needs seem to have been abandoned by our Congressional leadership. Keep up the good fight, Bob.” – Harriet, Monroe Township
“We too cannot refinance because of the appraised value is now too low. At todays rates we could save nearly $300. per month or switch to a 15 year from our 30 year. At age 59 we would like to do that. Never ever were we late with any payment mortgage or credit cards. Thank you, Great Idea.” -- Judy and Harry, Sparta
“Very positive for the community!” – Jennie, Ridgewood
“It would help families with children, especially, who may be struggling to pay their bills!” – Teresa, Fort Lee
“It would DEFINITELY help me- this bill describes me perfectly. I have tried to refinance my mortgage, and been denied only due to the appraisal. My loan currently is 6.1 % and IS CURRENT. I would support this legislation. Thank you for the opportunity to participate in this legislation.” – Todd, Villas
“I think this is a concise plan that will help many homeowners buy or retain their homes. All too often people either cannot purchase a home or refinance because of unknown costs. And needless to say the banks have not made this an easy road. This plan has the interest of the homeowner as the primary concern rather than the interest of the banks and mortgage companies. I think they have forgotten their purpose.” – Maryann, Edison
“It would mean having more money to buy food and pay other bills....” – Angela, Brigantine
