NJ A2294

Requires mortgage servicers to grant a one-year mortgage forbearance to homeowners whose primary residences were damaged by Hurricane Ida (September 2021) who received federal disaster assistance and meet income requirements (household income under 150% of area median income)

Prohibits mortgage servicers from initiating foreclosure proceedings, assessing fees, penalties, or additional interest during the forbearance period, and bars reporting negative payment information to credit agencies

Extends mortgage repayment periods by the number of months the forbearance is in effect, with deferred payments due during the extension period under original mortgage terms

Allows storm-impacted homeowners facing foreclosure to obtain a court-ordered stay of proceedings, lasting up to one year or until January 1, 2026, whichever comes first

Exempts federally-backed loans (Fannie Mae, Freddie Mac, FHA, VA, Rural Housing Service) from these requirements unless the loan was already granted forbearance before being serviced by those entities