Permits mortgage forbearance of 180 days for borrowers whose primary residence is in State-declared disaster area.

This bill allows homeowners in New Jersey whose primary residences are located in Governor-declared disaster areas to pause their mortgage payments for 180 days. To qualify, borrowers must request forbearance from their lender, who is required to approve the request within 15 business days without charging any penalties, fees, or interest during this period. The bill also permits borrowers to extend the pause for another 180 days and mandates that missed payments be repaid later through loan extensions, modifications, or a final lump-sum payment at the end of the loan term.