Bill > S4117

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 mortgage forbearance to "storm-impacted homeowners" who meet certain criteria, such as having suffered a negative financial impact and obtained federal disaster assistance. The bill also prohibits mortgage servicers from reporting negative payment information to debt collectors or credit reporting agencies during the forbearance period and from initiating foreclosure proceedings. Additionally, the bill allows storm-impacted homeowners who are subject to foreclosure proceedings to apply for a stay in those proceedings. The provisions of this bill apply retroactively to mortgage payments missed after September 1, 2021.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S4117