Bill > A5736

This bill establishes mortgage payment relief and foreclosure protection for certain homeowners impacted by the remnants of Hurricane Ida. Specifically, it requires mortgage servicers to grant a one-year forbearance (suspension of mortgage payments) to homeowners who have suffered financial hardship and obtained federal disaster assistance due to the hurricane. The bill also prohibits mortgage servicers from reporting missed payments to debt collectors or credit agencies during the forbearance period, and prevents them from initiating foreclosure proceedings. Additionally, it allows impacted homeowners to apply for a stay of foreclosure proceedings if they meet the criteria for the mortgage forbearance. The bill applies retroactively to missed mortgage payments since September 1, 2021.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/A5736