New Jersey S1431 provides foreclosure protection and mortgage relief for homeowners impacted by Hurricane Ida.
New Jersey S1431 establishes foreclosure protection and mortgage relief for homeowners affected by the remnants of Hurricane Ida. The bill defines a "storm-impacted homeowner" as someone who occupied a residential property as their primary residence as of August 31, 2021, and obtained federal disaster assistance due to damage from Hurricane Ida. Mortgage servicers must grant a forbearance to eligible homeowners who request it, with a minimum initial forbearance period of one year and an option for an additional 180 days.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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