File photo: Spencer Platt/Getty Images
New Jersey Governor Phil Murray announced Saturday he is working with major banks and mortgage lenders to extend a 90-day grace period to residents who are financially impacted by the coronavirus.
Murray announced he is working with Wells Fargo, Bank of America, Chase, and more than 40 other banking institutions and lenders to establish a grace period for mortgages.
BREAKING: Working with @Citi, @Chase, @usbank, @WellsFargo, @BankofAmerica, and 40 other financial institutions, I’m announcing a 90-day grace period for mortgage payments for borrowers economically impacted by the #COVID19 outbreak.
— Governor Phil Murphy (@GovMurphy) March 28, 2020
In a follow-up tweet, Murray urged banks and landlords to "do the right thing" by not evicting their tenants who can't afford to stay in their homes.
Together, a 90-day grace period and a moratorium of foreclosures and evictions means many New Jersey families can breathe easier, keep their heads above water, and have a place they can continue to call home.
— Governor Phil Murphy (@GovMurphy) March 28, 2020
"I urge, and expect, our financial institutions and credit card companies to do the right thing in all areas of their business," he wrote.
"That also means lowering credit card interest rates to reflect the reality many families are living, to waive late fees, and exercise compassion. To every landlord -- now is a time to show some compassion, and to work with your renters to ensure they stay safe. You cannot convict anyone at this time. If you try to, we're not going to take that lightly, and we will male an example out of you for violating the law."
He added:
"This grace period CANNOT and WILL NOT be used to downgrade anyone’s credit rating. Lenders will also waive any late fees, or other costs which would otherwise arise, because of this 90-day grace period."
This grace period CANNOT and WILL NOT be used to downgrade anyone’s credit rating.
Lenders will also waive any late fees, or other costs which would otherwise arise, because of this 90-day grace period.
— Governor Phil Murphy (@GovMurphy) March 28, 2020
But not all New Jersey residents are appreciative of the governor's efforts to protect those less fortunate.
THANK YOU. It's no help that we'll owe 3-4 payments immediately at the end of this, and the banks will use that to start foreclosure since we're 3-4 months behind. This is nothing more than a scam. @GovMurphy and @LtGovOliver need to do WAY better for us.
— Danielle (@pageymoon) March 28, 2020
So now at the end of the 90 day period I have 3 months worth of mortgage payments due and tell me again after I just get back to work I come up with that money..
Seriously?? Deferments do not HELP. We need more EXPLANATION on what this involves.
— Joe??????????????? (@chefjoe22) March 28, 2020
