Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. The agency said it will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020. Change ), You are commenting using your Twitter account. Why Can’t I Get a High Limit Credit Card? Will I Lose my 401(k) if I File for Bankruptcy in NJ? ( Log Out / On Dec. 2, the Federal Housing Finance Agency announced that the foreclosure moratorium would extend from Dec. 31 to Jan. 31, 2021. A third extension of the foreclosure and eviction moratorium for those affected by COVID-19 has been approved and stays in effect until the end of the year. The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which President Trump signed into law on March 27, 2020, imposed a 60-day foreclosure moratorium starting March 18, 2020 for federally backed mortgage loans. Change ), You are commenting using your Facebook account. Phil Murphy’s request for a disaster designation, opening up access to the SBA’s Economic Injury Disaster Loan program to New Jersey businesses hit hard by the COVID-19 pandemic. Residents may also visit (new webpage link) to learn more about our housing assistance programs. The ban applies to the roughly 8.1 million homeowners with single-family mortgages insured by … Call your utility servicer to try to work out a repayment plan if you are at risk of not being able to make your regular payments. Tel: 609-393-7707 Freddie Mac and Fannie Mae will extend the moratorium on foreclosures and evictions on single-family homes until August 31. Continued to offer language access services to clients who need them. The State of NJ site may contain optional links, information, services and/or content from other websites operated by third parties that are provided as a convenience, such as Googleâ¢ Translate. The New Jersey Economic Development Authority will continue to lead coordination between the SBA and businesses in our State. The moratorium applies to single-family homeowners with mortgages insured by the Federal Housing Administration (FHA), a part of HUD that … Suspended terminations for non-essential reasons (those not involving violence and/or threats to others) in the Section 8 Housing Choice Voucher (HCV) and State Rental Assistance Program (SRAP); Extended the housing search period for all current voucher holders to the full 120 days allowed by the U.S. Department of Housing and Urban Development (HUD) for those without disabilities or who are not elderly for the housing search period. August 24, 2020 FORECLOSURE MORATORIUM INFORMATION. Marlton, NJ; New York, NY; Wilmington, DE; Search Toggle Menu Select Government-Backed Mortgages Extend Foreclosure and Eviction Moratoriums Through December 31, 2020 For more info, contact: Christopher R. Mullen; Download PDF. Post was not sent - check your email addresses! The Foreclosure Office administers parts of most foreclosure cases and manages most of the process when a foreclosure is “uncontested,” meaning that the homeowner did not file an answer to the complaint. Some companies have sent out shut-off notices, but so far companies seem to be holding off on actual shut-offs. Veitengruber Law has years of experience helping NJ homeowners save their homes from foreclosure. Today the Governor signed A-3859 into law, which explicitly provides authority to the Governor to issue an executive order declaring a moratorium on removing individuals from their homes pursuant to an eviction or foreclosure proceeding. A universal and penalty-free three-month state hold on mortgage payments for all homeowners whose health and or income is compromised by the pandemic. It would be cruel to allow people to be forced out of their homes due to circumstances beyond anyone’s control, such as the pandemic. Googleâ¢ Translate is an online service for which the user pays nothing to obtain a purported language translation. How to Handle Debt After Dropping Out of College, New Jersey Fair Debt Collection Practices Act, the rules for filing for bankruptcy twice. Filed under COVID-19, foreclosure, foreclosure defense, Mortgages, NJ foreclosure Extension Through August 31, 2020, Provides More Security for Homeowners Impacted by the Coronavirus Outbreak. DCA is providing remote access, if necessary, to key employees to process requests as quickly as possible. Even if you cannot pay now, these payments will need to be made later. Of equal note is that as of March of this year, NJ’s electric and gas utility providers agreed to suspend utility shut-offs. That being said, you are still expected to pay your electric, gas, and water bills. During this time, you cannot be charged fees, penalties, or interest on top of what you would normally accrue. Enter your email address to follow this blog and receive notifications of new posts by email. Applications for these relief options are available at https://www.hesaa.org/Documents/Relief%20Options/Unemployment.pdf and https://www.hesaa.org/Documents/NJCLASSTempDisabilityForm.pdf In addition, NJCLASS borrowers can apply for financial hardship relief. “We are working diligently at DCA to maintain quality services for the homeless, our tenants, and landlords as we respond to the threat of COVID-19.” DCA has taken a number of actions to meet the ongoing needs of its clients and to curb evictions and homelessness during the state of emergency. At the same time, the counseling made available to renters will guide them on how to approach discussions with their landlords on dealing with their rent situation. If the residential building you own is more than five units, you are eligible for a grace period of up to 90 days. Again, while the NJ foreclosure process can proceed, evictions cannot take place during the eviction moratorium. The Administrative Office of the Courts also provided helpful guidance on the legislation. This can include a 90-day grace period on payments and fees, an agreement that late payments will not be reported to credit agencies during a specific period, and/or a 60-day moratorium on initiating foreclosure proceedings. Create a free website or blog at WordPress.com. I Missed a Credit Card Payment! HUD to extend foreclosure ban protecting 8.1 million people until 2021. Unless the moratorium is extended, it will expire on October 31. WASHINGTON - Today, the Federal Housing Administration (FHA) announced a two-month extension of its foreclosure and eviction moratorium through August 31, 2020, for homeowners with FHA-insured Single Family mortgages. Income re-certifications may be submitted through DCA’s online portal and through mail. 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