TRENTON — Legislation sponsored by Assemblyman Bob Andrzejczak to allow members of the military to defer mortgage loan payments temporarily while they are deployed on active duty was released from a Senate committee on Thurs.
The bill (A-766) would allow a New Jersey resident called to active duty as a reservist 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 (D-Cape May/Atlantic/Cumberland), an Army veteran who served in Iraq. “This legislation removes a burden many soldiers face when deployed – mounting mortgage payments – which can potentially lead to financial problems for them when they return.”
To apply, a person would submit to the mortgagee a written request that includes a copy of his or her military orders or an affidavit stating that the he or she is in service on federal active duty, as well as a contact person for the mortgage loan while the member of the military is in service.
The bill only would apply to a mortgage securing a primary residence.
The measure, which gained unanimous approval from the Assembly in February, was advanced by the Senate Military and Veterans’ Affairs Committee.
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