|he 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
Relief from fees and charges for 90 days
No new foreclosures for 60 days
No credit score changes for accessing relief
|Questions and answers on financial relief|
|How do I get mortgage relief and/or forbearance?
You should contact and work directly with your mortgage servicer to learn about and apply for available relief. Please note that financial institutions and their servicers are experiencing high volumes of inquiries.
How long will the forbearance last?
What effect will this have on my credit report?
How long will these programs last?
What if my financial institution isn’t offering this relief?
What if I already made a payment or was hit with a fee because of COVID-19?
Is the mortgage relief available to businesses?
What if my mortgage servicer is not communicative or cooperative?