The New Jersey Senate is expected to pass a bill to extend mortgage forbearance for victims of Superstorm Sandy today, Senator Declan O’Scanlon told MMM this morning. The current law that protects homeowners who continue to deal the the effects of the devastating October 2012 storm expires on July 1, as reported by the Asbury Park Press.
APP reports that hundreds of homeowners have been contacted by their banks seeking payments starting in July.
The Assembly passed a bill in March which extends the forbearance period until 2022. The Senate bill, as currently written, extends forbearance until 2021. O’Scanlon said the Senate bill will likely be amended to match the Assembly bill before passage today.
If the bill is passed in the Senate today with the same language as the Assembly’s bill, it goes to Governor Phil Murphy’s desk for his signature, veto or conditional veto.