Is anyone worried about the end of the Sandy Forbearance?

by Sharon Zappia from Atlantic City

Although Superstorm Sandy devastated our coastal community over 9 years ago, efforts for recovery are still ongoing. Residents are still feeling the impact of the storm and its aftermath and some are still struggling to return home. On top of financial hardships caused by Sandy and compounded by the pandemic, some are facing an increase in expenses due to the July 1, 2022 Sandy-Impacted Forbearance₁ deadline. Myself included.  

This July, the Sandy forbearance relief will end, adding an additional burden to those already struggling to pay both the mortgage and escrows on their still uninhabitable homes as well as rent while their homes are being repaired. With New Jersey’s rental market at a record high, no continued rental assistance for displaced families, and unprecedented inflation, this extra expense will be difficult to bear. 

I am a 66 years old homemaker who has had to beg, borrow, and nearly drain my IRA to meet my NPF (non program funding) to get approved for the supplemental funding just to repair my Atlantic City home and today my home of 36 years still sits empty. My rental assistance ran out in September 2020 and once forbearance runs out on July 1st my housing expenses will shoot up to almost $3,000.00 per month even before utilities. 

For me a forbearance relief extension is not just a relief but a necessity. Unlike our government and broken recovery system, we can not just kick the can down the road, play now and pay later.

I suspect others are in the same boat. If you are facing an increase in expenses due to the July 1, 2022 mortgage forbearance deadline please respond to let us know. NJOP is looking for those who will be affected by the end of forbearance who are interested in joining together to request an extension. 

1 Check out our explainer from 2019 when this bill was passed.