New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, January 16, 2018.
Lucas Jackson | Reuters
New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve on their mortgage payments, said Gov. Phil Murphy on Saturday.
Lenders will also waive late fees and other expenses that borrowers would otherwise incur due to the grace period, Murphy announced in a tweet.
The banks are offering a mortgage payment forbearance of up to 90 days for COVID-19 related reasons. In a forbearance, mortgage holders can pause or reduce the amount they pay each month for a specified period of time.
Under the deal with New Jersey, lenders will provide homeowners with a streamlined process to apply for forbearance. They will offer borrowers a chance to ask for more relief, if they continue to show they’re facing hardship