New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 65 - RULES FOR MORTGAGE FORBEARANCE FOR SANDY-IMPACTED HOMEOWNERS
Subchapter 1 - RULES FOR MORTGAGE FORBEARANCE FOR SANDY-IMPACTED HOMEOWNERS
Section 5:65-1.2 - Definitions

The following words and terms, as used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Active mortgage lender" means those mortgage lenders that the Department is aware of that have issued residential mortgages in the State of New Jersey.

"Certificate of occupancy" means a certificate issued by the appropriate State and/or local official pursuant to the State Uniform Construction Code and applicable regulations, allowing a homeowner to reoccupy his or her residence.

"Certification of Eligibility for Forbearance" means a final determination by the Department that an applicant has satisfied all statutory and regulatory criteria and is, thus, entitled to receive mortgage forbearance from the appropriate mortgage lender.

"Complete application" means an application properly filed with the Department, which contains all information and documentation required for the Department to determine whether the applicant meets the eligibility criteria to receive a Certification of Eligibility for Forbearance.

"Department" means the State of New Jersey, Department of Community Affairs.

"Eligibility criteria" means those basic standards that must be met by every applicant for a Certification of Eligibility for Forbearance. Failure to meet any of these criteria will result in the application being rejected. These criteria include:

1. A current mortgage obligation;

2. Qualification as a Sandy-impacted homeowner;

3. Significant damage to the applicant's primary residence as a result of Superstorm Sandy, causing a period of displacement as evidenced by the need for either a certificate of occupancy or a temporary certificate of occupancy in order for the homeowner to reoccupy the residence;

4. Submission of a completed application pursuant to this chapter, including all documents required by N.J.A.C. 5:65-1.4 and all attestations required by N.J.A.C. 5:65-1.7; and

5. Construction or elevation work that remains to be done on the applicant's primary residence, which is the result of damages sustained in Superstorm Sandy and requires either a certificate of occupancy or a temporary certificate of occupancy in order for the homeowner to reoccupy the residence.

"Forbearance" or "mortgage forbearance" means a period of time during which obligations for mortgage and interest payments are suspended. The homeowner remains responsible for tax and insurance payments during the period of forbearance, as well as maintenance of the property that is the subject of the forbearance.

"LMI Program" means the State's Low-to-Moderate Income Homeowners Rebuilding Program to assist eligible owners whose primary homes were damaged by Superstorm Sandy.

"Mortgage" means a mortgage, trust deed, or other security in the nature of a residential mortgage.

"Mortgage lender" means the entity to which a homeowner is currently making mortgage payments, which processes loan payments, keeps track of principal and interest paid, and manages the escrow account.

"Recovery and rebuilding program" means the State-administered RREM and LMI programs that each provide up to $ 150,000 to cover the costs of restoring eligible homes damaged by Superstorm Sandy.

"RREM Program" means the State's Reconstruction, Rehabilitation, Elevation and Mitigation Program to assist eligible owners whose primary homes were damaged by Superstorm Sandy.

"Sandy-impacted homeowner" means a person who has either received rental assistance from the Federal Emergency Management Agency as a result of damage to his or her primary residence due to Superstorm Sandy or been approved for assistance through the RREM or LMI programs. A Sandy-impacted homeowner may be eligible for forbearance regardless of whether his or her primary residence is already the subject of a foreclosure proceeding.

"Superstorm Sandy" means the major storm that made landfall in New Jersey on October 29, 2012.

"Temporary certificate of occupancy" means a certificate issued by the appropriate official pursuant to the State Uniform Construction Code and applicable regulations, allowing a homeowner to reoccupy his or her residence, subject to the conditions set forth in the certificate.