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 5:65-1.5 - Conditions of forbearance
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Notwithstanding the provisions of any law, rule, or regulation to the contrary, the repayment period of any mortgage that is subject to forbearance pursuant to the issuance of a Certification of Eligibility for Forbearance, shall be extended by the number of months the forbearance is in effect. During the period of forbearance, all terms and conditions of the original mortgage, except those about default and delinquency during forbearance, shall continue without modification, and there shall be no fees assessed for the forbearance, or penalty for early repayment.
(b) Forbearance shall not be construed to impact a homeowner's property tax and insurance obligations related to the property that is the subject of the forbearance.
(c) A homeowner who has received a Certification of Eligibility for Forbearance shall be responsible for maintenance of the property that is the subject of the forbearance during the period of forbearance.
(d) A homeowner who has received forbearance shall use the mortgage forbearance period and the money from the suspended mortgage and interest payments to fund the construction or elevation work on his or her primary home that remains as a result of damage sustained in Superstorm Sandy until the earlier of the completion of the construction or elevation work or the end of the mortgage forbearance period as determined pursuant to N.J.A.C. 5:65-1.6.
