Governor Murphy has announced the following mortgage relief to mortgage borrowers impacted by the COVID-19. The directive includes:
A 90-Day Grace Period for Mortgage Payments
Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:
Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation;
Confirm approval of and terms of forbearance program
Provide borrowers the opportunity to seek additional relief, as practicable, upon a continued showing of hardship due to COVID-19
No Negative Credit Impacts Resulting from Relief
Moratorium on Initiating Foreclosure Sales or Evictions
For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.
Relief from Fees
For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:
Mortgage-related late fees
Other fees, including early CD withdrawals (subject to applicable federal regulations).
Governor Murphy secured support from Citigroup, JPMorgan Chase, U.S. Bank, Wells Fargo, and Bank of America, in addition to over 40 other federal and state-chartered banks, credit unions, and services to protect New Jersey homeowners. More financial institutions are presumed to sign on in the coming days. The New Jersey Bankers Association, CrossState Credit Union Association, and the Mortgage Bankers Association of New Jersey have endorsed this initiative. They are supporting all their members to adopt these policies.
Call your mortgage provider to find out if you qualify.