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Governor Murphy & Lenders Agree To 90 Day Grace Period

Amid the grey skies of shelter in place and travel ban, a ray of light for New Jersey homeowners was reached today.

Banks will give New Jersey homeowners struggling with financial problems caused by the #coronavirus outbreak a 90-day grace period on mortgage payments to ease the burden, Gov. Phil Murphy said Saturday.


Most of the banks told state officials they would tack on the three months' payments to the end of the mortgage, and not require a lump sum payment after 90 days, said Murphy and his chief of staff, Matt Platkin. But borrowers should talk directly to their lenders to understand the terms of the agreement, they said.

To read more about the relief, here are a few links.


NJ.com


NBC New York


If your family has been affected financially by the Covid-19 virus, and you would like to find out more info on mortgage relief, please visit the NJ Division of Banking and Insurance Website.

NJ Division of Banking & Insurance - COVID-19 and Residential Mortgage Relief

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