This bill aims to extend foreclosure protections for homeowners affected by the remnants of Hurricane Ida by amending existing laws regarding mortgage forbearance and foreclosure proceedings. Specifically, it changes the duration of the mortgage forbearance period from one year to two years for those who receive a Certification of Eligibility for Forbearance. Additionally, it modifies the timeline for stays in foreclosure proceedings, allowing them to last until the earlier of two years following the initial award or January 1, 2027, instead of the previous one-year limit and January 1, 2026.

The bill also outlines the application process for homeowners seeking forbearance, including eligibility criteria and documentation requirements. It ensures that homeowners can apply for a stay in foreclosure proceedings if they have received a Certification of Eligibility for Forbearance, which is considered good cause for the stay. The legislation is set to take effect immediately and is retroactive to January 1, 2026, providing timely assistance to those impacted by the hurricane.

Statutes affected:
Introduced: 52:15D-16, 52:15D-17