State Enacts Suspension on Removals of Individuals Due to Evictions or Foreclosures
As part of the continued effort to help contain the impact of the COVID-19 pandemic, Governor Phil Murphy has outlined a series of steps underway to help aid those in immediate financial need and keep people in their homes during the crisis, including actions to protect residents from eviction or foreclosure.
The Governor signed the legislation which declares a moratorium on removing individuals from their homes pursuant to an eviction or foreclosure proceeding. This move will ensure that no renter or homeowner is removed from their residence while this is in effect. These actions come a day after the U.S. Department of Housing and Urban Development, Fannie Mae, and Freddie Mac would be suspending all foreclosures and evictions for at least 60 days.
Governor Murphy also is asking any financial institution holding residential or commercial mortgages, equity loans, lines of credit or business loans to implement a process to work with the mortgagors or loan holders to avoid foreclosure or default caused by the COVID-19 pandemic.
To further aid both homeowners and renters facing hardship, the New Jersey Housing and Mortgage Finance Agency is expanding its Foreclosure Mediation Assistance Program (FMAP) to include renter and pre-foreclosure counseling utilizing a network of participating housing counselors. The counseling is available now, can be provided remotely and is free of charge.
Counselors will provide upfront assistance to help homeowners avoid potential foreclosure. At the same time, the counseling made available to renters will guide them on how to approach discussions with their landlords on dealing with their rent situation.
For a list of housing counselors visit: https://njhousing.gov/foreclosure