Important Information Regarding Bank Mortgages & NJ Transit Update

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, announcing a 90-day grace period for mortgage payments, consistent with applicable guidelines, to borrowers economically impacted by COVID-19.

In addition, those institutions will:

• Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation;
• Confirm approval of and terms of forbearance program; and
• Provide borrowers the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.

There will be no negative credit impacts resulting from the relief, mortgage related late fees or other charges may be waved or refunded upon request. This is in addition to the previous moratorium on foreclosures and evictions that Governor Murphy previously instituted by Executive Order. Most water utilities are voluntarily maintaining service, as are many internet, gas and electric providers.  

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