This bill aims to provide mortgage payment relief and foreclosure protection for homeowners in New Jersey who were affected by the remnants of Hurricane Ida. It defines "storm-impacted homeowners" as those who occupied their primary residence as of August 31, 2021, and received federal disaster assistance for damages related to the storm. Eligible homeowners can apply for a Certification of Eligibility for Forbearance through the Department of Community Affairs, which will allow them to suspend mortgage payments for one year. The bill mandates that mortgage servicers must continue the original terms of the mortgage during the forbearance period without imposing fees or penalties for late payments or early repayment.

Additionally, the bill stipulates that homeowners facing foreclosure can apply for a stay in the proceedings, which will be granted if they can demonstrate good cause, such as receiving a Certification of Eligibility for Forbearance. The stay will last for one year or until January 1, 2026, whichever comes first. The bill also includes provisions for mortgage servicers to report information regarding forbearances to the Department of Banking and Insurance and the Superior Court Clerks Office, ensuring transparency and accountability in the process.