What if I can’t pay my mortgage right now?
New Jersey Governor, Phil Murphy, announced on Saturday, March 28, that he had asked banks to apply a 90 day mortgage grace period.
According to NorthJersey.com: “Citigroup, JP Morgan Chase, US Bank, Wells Fargo and Bank of America agreed to this grace period, in which borrowers can either reduce or delay their monthly mortgage payments. Another 40 federal and state-charted banks and credit unions also agreed to this mortgage forbearance period.”
Additionally, “This grace period cannot harm anyone’s credit rating, and institutions will not charge any late fees or other costs. New Jerseyans should contact their mortgage lenders directly to take advantage of the relief, Murphy said.”
To read more about the mortgage grace period, click here.
Am I safe from eviction or foreclosure?
The governor has issued a 60 day moratorium on evictions and foreclosures.
As noted on the official announcement page, “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 in each county. The counseling is available now and can be provided remotely. Counseling is free of charge.”
It adds, “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.”
- Homeowners can contact a housing counselor here.
- Renters can contact renters’ services here.