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 up to 180 days. To qualify, a borrower must request this forbearance from their lender, who is required to approve the request within 15 business days. During the pause period, lenders cannot charge penalties, fees, or interest, and borrowers have the option to extend the pause for another 180 days. After the forbearance ends, the missed payments must be repaid through loan extension, loan modification, or a deferred payment due at the end of the loan term.