Bill > S3670

This bill provides mortgage payment relief and foreclosure protection for certain homeowners in New Jersey impacted by the remnants of Hurricane Ida. The key provisions include: 1. Defining key terms such as "storm-impacted homeowner," "mortgage forbearance," and "primary residence." 2. Establishing an application process for eligible homeowners to receive a "Certification of Eligibility for Forbearance" from the Department of Community Affairs, which would entitle them to a one-year mortgage forbearance period. 3. Prohibiting mortgage servicers from foreclosing on or sending notices of intention to foreclose on homes covered by the forbearance during the forbearance period. 4. Allowing courts to grant a stay of foreclosure proceedings for up to one year or until January 1, 2026, whichever is earlier, for storm-impacted homeowners who apply for the stay. 5. Requiring mortgage servicers to provide certain information to the Department of Banking and Insurance regarding the forbearances granted under this law. The bill aims to provide financial relief and foreclosure protection for New Jersey homeowners whose primary residences were damaged by the remnants of Hurricane Ida in 2021.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S3670