Governor Murphy announced yesterday that the state has agreed with major financial institutions for a 90 day grace period for mortgage payments effective immediately.
Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:
1. Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation;
2. Confirm approval of and termsof forbearance program; and
3. Provide borrowers theopportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.
For more information, contact your mortgage company or mortgage service provider, or visit the State of New Jersey website by clicking here.
