New Jersey Gov. Phil Murphy announces a 90-day grace period on mortgage payments

Personal Finance

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.

More than 40 lenders, including Citi and JPMorgan Chase, are working with the state on the matter, said Murphy. The banks have also committed to not initiating foreclosure cases or eviction proceedings for at least 60 days, he said.

“This grace period CANNOT and WILL NOT be used to downgrade anyone’s credit rating,” Murphy tweeted.

Since Friday, 2,289 New Jersey residents have tested positive for COVID-19, bringing the total to 11,124, according to Murphy. In the last day, 32 more people in the Garden State have died from coronavirus, raising the total to 140.

The governor also expects landlords to keep their tenants in their homes.

“To any renter facing eviction, let me be clear—under an executive order your landlord cannot kick you out of your home during this emergency,” Murphy tweeted.

“For any landlord who is getting mortgage relief today – we expect you will in turn provide similar relief to your tenants,” he said.

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