NJ S3670

Establishes a mortgage forbearance program for homeowners whose primary residences were damaged by Hurricane Ida (which hit New Jersey on September 1, 2021) and who are participating in or have applied to state recovery programs including HARP, MAP, or Blue Acres

Requires the Department of Community Affairs to create an online application system within 90 days of enactment, with applications due within 30 days of the system going live; eligible homeowners must have current mortgage obligations on their primary residence

Provides a one-year forbearance period during which mortgage principal and interest payments are suspended, with the mortgage repayment period extended by the same number of months; no fees, penalties, or late charges may be assessed during forbearance

Prohibits mortgage servicers from initiating foreclosure or sending notice of intention to foreclose on properties with active forbearance certifications; homeowners already in foreclosure proceedings may apply for a court-ordered stay

Exempts mortgage loans made, insured, or securitized by federal entities including Fannie Mae, Freddie Mac, FHA, VA, and Rural Housing Service from the forbearance requirements