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  • NJ A3473
  • Establishes temporary mortgage relief programs for certain owners of real property impacted by "Superstorm Sandy."*
Introduced
(3/14/2016)
In Committee
(3/14/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would provide additional financial assistance to certain victims of Superstorm Sandy. Under the bill, a "Superstorm Sandy" victim homeowner who is eligible for the receipt of funds through the Reconstruction Rehabilitation, Elevation, and Mitigation (RREM) program or the Low- to Moderate-Income (LMI) Homeowner's Rebuilding Program, but who has not yet received those funds, will be eligible for a stay of foreclosure proceedings, or a forbearance period, during which time mortgage and interest payments would be deferred. With respect to "Superstorm Sandy" victim homeowners who are not in foreclosure, the bill authorizes a homeowner to apply to the Commissioner of Community Affairs for a certificate of eligibility for mortgage forbearance. During the forbearance period, a homeowner would not have to make mortgage payments. The term of the mortgage shall automatically extend, under the same terms, for the number of months the mortgage is in forbearance. This forbearance would be in place for a period of 36 months from the issuance of the certification of eligibility for the forbearance by the commissioner, or no more than 60 days after a certificate of occupancy is issued for the property, whichever is sooner. Under the bill, for "Superstorm Sandy" victim homeowners who are currently in foreclosure litigation and eligible to receive RREM or LMI funds, the homeowner can apply to the court for a stay of proceedings. The stay would be in place for 36 months, or 60 days after the issuance of a certificate of occupancy for the property damaged by the storm, whichever is sooner.
Not specified
Assembly Housing and Community Development Hearing (19:00 2/27/2017 )  (on 2/27/2017)
 
 
Date Chamber Action Description
2/27/2017 Assembly Housing and Community Development Hearing (19:00 2/27/2017 )
3/14/2016 A Introduced, Referred to Assembly Housing and Community Development Committee
Date Motion Yea Nay Other
None specified