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11/21/16

Bill to Ease Burden of Mortgage Payments for Active Duty Military Signed into Law

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TRENTON – Legislation sponsored by Assembly members Bob Andrzejczak and Vince Mazzeo to allow members of the military to defer mortgage loan payments temporarily while they are deployed on active duty has been signed into law. The new law (A-766) will allow a New Jersey resident called to mobilization for federal active duty as a reservist of the Armed Forces of the United States or a member of the National Guard to request a suspension of the payment of the interest and principal on a mortgage loan that he or she secured before entering federal active duty. The deferment would remain in effect while the person remains in service on active duty and for 60 days after his or her release from active duty. “Our military men and women are our first line of defense in the fight to protect freedom around the world,” said Andrzejczak (Cape May/Atlantic/Cumberland), an Army veteran who served in Iraq. “This law removes a burden many soldiers face when deployed – mounting mortgage payments – which can potentially lead to financial problems for them when they return.” “It’s unconscionable that men and women who risk their lives for this nation can come back and have nowhere to call home,” said Mazzeo (Atlantic). “If these homeowners have a brief reprieve on the mortgage, hopefully we can reduce their risk of losing their houses.”