Governor Murphy Announces Mortgage Payment Relief & Financial Protections for Those Facing COVID-19 Hardship
Following through on a commitment to provide financial relief to State homeowners, Governor Phil Murphy today announced that financial institutions will provide mortgage and other financial protections for New Jerseyans facing COVID-19-related economic hardships. The Governor indicated his office has secured support from over 40 federal and state-chartered banks, credit unions, and service organizations to protect New Jersey homeowners. More financial institutions are expected to sign on in the coming days.
Under the proposal residents who are struggling financially as a result of COVID-19 may be eligible for relief upon contacting their financial institution. Protections include mortgage payment postponement of up to 90 days, a streamlining of the process to request the payment grace period from their lender and the opportunity to seek additional relief beyond 90 days if needed.
Additional measures include protections of borrowers' credit ratings by not reporting any delinquent payments for those facing hardships, institutions will not initiate any foreclosure sales or evictions for at least 60 days and the waiving or refunding of late and other mortgage-related fees for up to 90 days.