Signed by Governor Phil Murphy

Vote Smart's Synopsis:

Vote to pass a bill that authorizes mortgage payment relief and foreclosure protection for certain homeowners impacted by Hurricane Ida in New Jersey.

Highlights:

• Requires mortgage payment relief and foreclosure protection for eligible homeowners affected by Hurricane Ida (Sec. 2)

• Defines who is eligible for mortgage payment relief and foreclosure protection to be a storm-impacted homeowner with a mortgage obligation on their primary residence, and submit an application (Sec. 2)

• Requires that mortgage forbearance, if approved, lasts no longer than 1 year (Sec. 2)

• Authorizes a stay in foreclosure proceedings for storm-impacted homeowners within the first 6 months of the passage of this bill (Sec. 3)

• Authorizes the stay to end after either one year after the award was first given, or by January 1, 2026, whichever comes first (Sec. 3).

Full Bill Text