Putting Ida mortgage payments and foreclosures on 1-year hold

Putting Ida mortgage payments and foreclosures on 1-year hold / NJ Spotlight / July 2, 2024

By Brenda Flanagan

A bill that would put mortgage payments and foreclosures for qualifying survivors of Tropical Storm Ida on hold for a year, now sits on Gov. Phil Murphy’s desk after it unanimously passed in both the Assembly and Senate.

The measure — similar to one signed for Superstorm Sandy survivors by former Gov. Chris Christie — would give people some financial breathing space while they try to deal with homes still damaged by Ida, which hit New Jersey on Sept. 1, 2021. Many homeowners are struggling to pay mortgages on those homes — even though the properties remain uninhabitable — and some people now face foreclosure.

The bill’s sponsor, Sen. Troy Singleton (D-Burlington) says his team worked with the governor’s office to draft a compromise, and he hopes Murphy signs it soon.

Colleen Kane’s home in Lambertville remains uninhabitable after it was swamped by the storm. But her family is still paying the $2,200 mortgage on top of $2,000 a month for an apartment. She’s hoping Murphy quickly signs the bill. “It would be life-changing,” Kane said.