Bill > A2294

This bill establishes mortgage payment relief and foreclosure protection for certain homeowners impacted by the remnants of Hurricane Ida. The key provisions are: - It requires mortgage servicers to grant a one-year mortgage forbearance to "storm-impacted homeowners" who meet certain criteria, such as having obtained federal disaster assistance and having limited financial resources. This forbearance suspends mortgage principal and interest payments without accruing fees or penalties. - It prohibits mortgage servicers from reporting negative payment information to debt collectors or credit agencies during the forbearance period, and provides mechanisms for homeowners to seek recourse if this occurs. - It also stays foreclosure proceedings for eligible storm-impacted homeowners for up to one year or until January 1, 2026, whichever is earlier. - The bill applies retroactively to missed mortgage payments starting on September 1, 2021, and takes effect immediately upon enactment.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A2294