In this article, a finite element scheme for the family of time relaxation models, that represent a regularization of Navier-Stokes equations, is developed, analyzed and numerically tested. The proposed finite element scheme combines three ideas: (i) the use of an incompressible filter, for better consistency outside the periodic domains, (ii) a second order accurate linearization for the nonlinear term, that allows to solve only one linear system per time step, and (iii) a stabilization in time term that compliments well the linearization. A complete numerical analysis of the scheme, that includes the computability of its numerical solutions, its stability, and velocity error estimates, is given. This is followed by numerical experiments that confirm the theoretical convergence rates and show the advantage of the proposed scheme.