New Jersey Gov. Phil Murphy announces a 90-day grace period on mortgage payments

[steve2470]

https://www.cnbc.com/2020/03/28/new-jersey-gov-phil-murphy-announces-90-day-grace-period-on-mortgages.html

New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve on their mortgage payments, said Gov. Phil Murphy on Saturday.

Lenders will also waive late fees and other expenses that borrowers would otherwise incur due to the grace period, Murphy announced in a tweet.

Link to tweet

The banks are offering a mortgage payment forbearance of up to 90 days for COVID-19 related reasons. In a forbearance, mortgage holders can pause or reduce the amount they pay each month for a specified period of time.

[mjvpi]

1. Perfect! Call time out.

What is happening now is so outside of all of the foreseeable circumstances that loans were signed in. By calling time out on loans we can restart our economy, when circumstances permit, in a recession or we can have massive foreclosures and business collapsing and force a depression. Our economic system is based on constant motion. If thing are brought to a stand still, I don’t see how the standard rules apply. Call time out.