Permits mortgage forbearance of 180 days for borrowers in State-declared disaster areas.

New Jersey S4235 allows mortgage forbearance of 180 days for borrowers whose primary residence is in a State-declared disaster area. The forbearance can be extended for another 180 days. During the forbearance period, no penalties, fees, or interest will accrue on the mortgage. Borrowers must repay the forborne payments through an extended loan, a modified loan, or a deferred payment due at the end of the loan term. The bill takes effect 90 days after enactment.

Permits mortgage forbearance of 180 days for borrowers in State-declared disaster areas.

New Jersey S4235 allows mortgage forbearance of 180 days for borrowers whose primary residence is in a State-declared disaster area. The forbearance can be extended for another 180 days. During the forbearance period, no penalties, fees, or interest will accrue on the mortgage. Borrowers must repay the forborne payments through an extended loan, a modified loan, or a deferred payment due at the end of the loan term. The bill takes effect 90 days after enactment.