Governor Murphy Announces Mortgage Payment Relief, Financial Protections for New Jerseyans Facing Economic Hardship as a Result of COVID-19
TRENTON – Acting on a commitment to provide financial relief to New Jersey homeowners, Governor Phil Murphy today announced that financial institutions will provide mortgage forbearance and financial protections for New Jerseyans facing economic hardship as a result COVID-19.
“Millions of hardworking New Jerseyans are suffering financial losses through no fault of their own as a result of the economic downturn brought on by COVID-19,” said Governor Murphy. “With this initiative, we can ensure that no one loses their home during this public health crisis. I commend our private sector partners for doing their part to reduce financial uncertainty for New Jersey families.”
Building on a similar initiative in California, Governor Murphy secured support from Citigroup, JPMorgan Chase, U.S. Bank, Wells Fargo, and Bank of America, in addition to over 40 other federal and state-chartered banks, credit unions, and servicers to protect New Jersey homeowners. More financial institutions are expected to sign on in the coming days. The New Jersey Bankers Association, CrossState Credit Union Association and the Mortgage Bankers Association of New Jersey have endorsed this initiative and are encouraging all their members to adopt these policies.
For more information on COVID-19 related mortgage relief, please click here.
This is general guidance only. Members should consult their brokers, legal counsel, and government-provided public health information. In addition, check with your MLS for any changes to open house and showing fields, or other temporary rules in place due to local conditions.
In deciding how to address new issues that may come up in your day-to-day business, we urge you to find answers that will ensure first-class services to your clients, while also demonstrating care for the health and well-being of clients, agents, and the greater public welfare in reducing the risk of exposure to and spread of COVID-19.
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