COVID-19 and Residential Mortgage Relief
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The State of New Jersey is working to lessen the financial impact of COVID-19 on residents who are struggling to pay their mortgage and bills. Citigroup, JP Morgan Chase, US Bank, Wells Fargo, and Bank of America, in addition to over 40 other federal and state-chartered banks, credit unions, and servicers have committed to providing relief for consumers and homeowners in New Jersey.
Under this initiative, the Governor announced that New Jerseyans who are struggling with the COVID-19 crisis may be eligible for the following relief upon contacting their financial institution:
90-day grace period for all mortgage payments
If you are impacted by COVID-19, these financial institutions will offer mortgage-payment forbearances of up to 90 days, which allow you to reduce or delay your monthly mortgage payment. In addition, they will:
- Give you a streamlined process for requesting forbearance for COVID-19-related reasons, supported with available documentation;
- Confirm approval of and terms of forbearance program; and
- Provide you the opportunity to extend your forbearance agreement if you continue to experience hardship due to COVID-19.
Relief from fees and charges for 90 days
For at least 90 days, financial institutions will waive or refund mortgage-related late fees and other fees including early CD withdrawals.
No new foreclosures for 60 days
Financial institutions will not start any foreclosure sales or evictions.
No credit score changes for accessing relief
If you are taking advantage of this COVID-19-related relief, late or missed payments will not be shared with credit reporting agencies.