New Jersey regulator announces residential mortgage relief initiative

State Issues Covid-19 New Jersey Bank Compliance Credit Union Mortgages

On March 28, the New Jersey Department of Banking and Insurance announced that it is working with more than 40 banks, credit unions and servicers to provide relief to New Jersey homeowners. Under the new initiative, residents of New Jersey impacted by the Covid-19 pandemic may be eligible for a 90-day forbearance from mortgage payments and relief from fees and charges upon contacting their financial institutions. Cooperating institutions have also agreed not to start any foreclosure sales or evictions for 60 days.