New Jersey A5125 allows a 180-day mortgage forbearance for borrowers in state-declared disaster areas.
New Jersey A5125 permits a 180-day mortgage forbearance for borrowers whose primary residence is in a state-declared disaster area. The forbearance can be extended for an additional 180 days. During the forbearance period, no penalties, fees, or interest will accrue on the residential mortgage. Borrowers must repay the forborne mortgage payments to the lender, structured through an extension, modification, or payment deferral. The lender must approve the forbearance request within 15 business days.
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