Permits mortgage forbearance of 180 days for borrowers whose primary residence is in State-declared disaster area.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows homeowners in New Jersey whose primary residence is located in a disaster area declared by the Governor to temporarily pause their mortgage payments for up to 180 days. Borrowers must request forbearance from their lender, who is required to approve the request within 15 business days. During the forbearance period, no penalties, fees, or interest will accrue, and repayment can be structured through loan extensions, modifications, or deferred payments at the end of the loan term.
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