Bill
Bill > S3640
NJ S3640
Establishes foreclosure protection and mortgage relief for certain homeowners impacted by the remnants of Hurricane Ida.
summary
Introduced
02/27/2023
02/27/2023
In Committee
05/08/2023
05/08/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Establishes foreclosure protection and mortgage relief for certain homeowners impacted by the remnants of Hurricane Ida.
AI Summary
This bill establishes foreclosure protection and mortgage relief for certain homeowners impacted by the remnants of Hurricane Ida. It requires mortgage servicers to grant a mortgage forbearance of at least one year to storm-impacted homeowners who meet certain criteria, including obtaining federal disaster assistance and having limited financial resources. The bill also prohibits mortgage servicers from reporting missed payments to debt collectors or credit agencies during the forbearance period, and allows storm-impacted homeowners to obtain a stay of foreclosure proceedings. The bill applies retroactively to mortgage payments missed after September 1, 2021.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (5)
Last Action
Referred to Senate Budget and Appropriations Committee (on 05/08/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3640 |
| Analysis - Statement SCU 5/8/23 | https://pub.njleg.gov/Bills/2022/S4000/3640_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S4000/3640_I1.HTM |
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