N.J. Senate Considering Bill to Aid Military Homeowners

New Jersey’s legislature is currently reviewing new legislation that would enable any resident on active military duty to enjoy a temporary suspension of their mortgage principal and interest payments.

According to a MoneyTips.com report, the bill before a New Jersey Senate committee, A-766, would require the deployed homeowner to submit a written request for suspension to their lender. The request must be accompanied by a copy of their military orders and a contact person that will be able to supply additional information about the mortgage while the resident is on active duty. Under the bill, however, the suspension of payments would not include escrow items such as property tax or homeowner's insurance.

The bill is designed to cover the primary residence of any New Jersey resident in the military, including reservists and those serving in the National Guard.