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 5:65-1.6 - Period of forbearance

Universal Citation: NJ Admin Code 5:65-1.6

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The forbearance period shall conclude upon the occurrence of the earlier of the following:

1. The conclusion of one year following issuance of a certificate of occupancy for all construction or elevation work, including recovery and rebuilding program work, which is the result of damage 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;

2. July 1, 2019; or

3. Regarding a property in foreclosure proceedings, upon the expiration of 10 days following a sheriff's sale.

(b) For purposes of this section, a certificate of occupancy includes a temporary certificate of occupancy, with the exception of a temporary certificate of occupancy where the sole remaining condition is elevation of the home.

(c) The one-year period of forbearance that commences with the issuance of a certificate of occupancy, or a temporary certificate of occupancy as qualified in (b) above, is applicable to all Sandy-impacted homeowners who are eligible for forbearance pursuant to this chapter.

(d) If a certificate of occupancy, or a temporary certificate of occupancy as qualified in (b) above, is issued after the date of a Certification of Eligibility for Forbearance, it is the responsibility of a homeowner to notify the appropriate mortgage lender.

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