This bill aims to provide mortgage payment relief and foreclosure protection for homeowners in New Jersey who have been affected by the remnants of Hurricane Ida. It defines "storm-impacted homeowners" as those who occupied their residential property as their primary residence as of August 31, 2021, and who have received federal disaster assistance due to damage from the hurricane. The bill mandates that mortgage servicers grant a one-year mortgage forbearance to these homeowners upon written request, provided they demonstrate financial hardship and meet specific income and asset criteria. During the forbearance period, no fees, penalties, or interest will accrue, and the repayment period for the mortgage will be extended accordingly.

Additionally, the bill prohibits mortgage servicers from reporting negative payment information to credit agencies for homeowners under forbearance and allows the Attorney General to take action against servicers who violate this provision. Homeowners facing foreclosure proceedings may apply for a stay if they meet the forbearance conditions, with the stay lasting up to one year or until July 1, 2024. The bill is set to take effect immediately and will apply retroactively to missed mortgage payments after September 1, 2021.