Bill > S1443

This bill establishes mortgage payment relief and foreclosure protection for certain homeowners impacted by the remnants of Hurricane Ida. The key provisions include: 1. Requiring mortgage servicers to grant a one-year mortgage forbearance (suspension of mortgage payments) to "storm-impacted homeowners" who meet certain criteria, such as having suffered financial hardship due to the hurricane and having limited financial resources. 2. Prohibiting mortgage servicers from reporting negative information to debt collectors or credit agencies during the forbearance period, and providing a process for homeowners to seek recourse if this occurs. 3. Preventing mortgage servicers from initiating foreclosure proceedings on properties subject to the forbearance, and tolling any existing foreclosure deadlines. 4. Allowing storm-impacted homeowners facing foreclosure to apply for a court-ordered stay of the proceedings for up to one year or until January 1, 2026, whichever is earlier. 5. Applying the provisions retroactively to missed mortgage payments starting from September 1, 2021, when the remnants of Hurricane Ida hit New Jersey.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1443