TRENTON, NJ — The New Jersey Senate has passed a new bill aimed at providing crucial support for homeowners affected by the remnants of Hurricane Ida. Sponsored by Senators Troy Singleton (D-Burlington) and Gordon Johnson (D-Bergen), the legislation, known as S-1443, offers mortgage relief and foreclosure protections to those still grappling with the financial aftermath of the storm.
Senator Singleton, who chairs the Senate Community and Urban Affairs Committee, emphasized the ongoing financial struggles faced by many families despite federal aid, with extreme flooding from Hurricane Ida necessitating expensive home repairs and replacements of damaged property. “This legislation is meant to further assist these homeowners in recovering from the impacts of the storm by providing mortgage relief and temporary foreclosure protections,” Singleton stated.
Under the bill, homeowners who occupied their primary residences as of August 31, 2021, and who received federal disaster relief due to Hurricane Ida’s damage, can request mortgage forbearance from their servicers. These requests must be made before the first day of the sixth month following the bill’s enactment. Qualifying homeowners are entitled to a one-year forbearance period, assuming all requirements are met within the specified time frame.
Senator Johnson highlighted the dire circumstances of homeowners facing ongoing financial hardship or foreclosure due to the storm’s effects. “By establishing protections from foreclosure and providing forbearances, we will give these families a lifeline while also helping to prevent possible homelessness for those who may be in danger of foreclosure,” he explained.
Additionally, if a homeowner is currently undergoing foreclosure proceedings, they may be granted a stay for one year, or until January 1, 2026, whichever comes first, provided they meet the necessary conditions and apply within the allowed period.
This bill is a part of New Jersey’s broader efforts to support its residents in the aftermath of natural disasters, aiming to stabilize housing and prevent further distress for those already affected by Hurricane Ida.
