Establishes foreclosure protection and mortgage relief for certain homeowners impacted by the remnants of Hurricane Ida.

This bill (S 1431) provides temporary mortgage payment relief to New Jersey homeowners significantly impacted by Hurricane Ida's 2021 remnants. It requires mortgage servicers to grant a minimum one-year forbearance (with possible extensions totaling 545 days) to qualifying homeowners who received federal disaster assistance for primary residences damaged by the storm, have income below 150% of area median income, and hold limited bank reserves. During forbearance, servicers cannot charge fees/penalties, report missed payments to credit agencies, or initiate foreclosure. The bill was introduced in January 2024 but withdrawn from consideration in February 2024.