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Bill

A 5118

Extends foreclosure protections for certain homeowners impacted by remnants of Hurricane Ida.

2026-2027 Regular Session Introduced by John DiMaio and 1 co-sponsor

Extends foreclosure protections for New Jersey homeowners harmed by Ida remnants, delaying filings and requiring lender forbearance or modification options.

Introduced, Referred to Assembly Housing Committee
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WeVote Research Nonpartisan
Bill Summary · A 5118

Bill Overview

  • Bill: A 5118
  • Session: 222
  • Jurisdiction: New Jersey
  • Title / Purpose (as provided): Extends foreclosure protections for certain homeowners impacted by remnants of Hurricane Ida
  • Introduced: May 18, 2026
  • Referral: Assembly Housing Committee
  • Sponsors:
    • Co-sponsor: John DiMaio
    • Co-sponsor: Erik Peterson

What the bill aims to do

  • The bill extends foreclosure protections for a defined group of homeowners who were affected by the remnants of Hurricane Ida. While the exact text is not provided here, typical provisions of such measures generally aim to:
    • Extend statutory moratoria or delay periods on foreclosure proceedings.
    • Clarify eligibility criteria for homeowners who experienced financial distress due to Ida’s impacts.
    • Provide temporary relief measures to prevent foreclosure while homeowners pursue remedies (e.g., insurance claims, recovery efforts, or government assistance).

Key provisions and changes (as anticipated in this type of legislation)

  • Foreclosure Moratorium Extension: Prolonged protection against foreclosure filings and executions for eligible homeowners, beyond existing protections.
  • Eligibility Criteria: Typically includes homeowners within disaster-affected zones or those with documented Ida-related financial hardship, potentially requiring proof of residency, mortgage status, and hardship.
  • Temporary Relief Periods: Defined windows during which lenders must pause foreclosure actions, offer forbearance options, or participate in mediation processes.
  • Lender Obligations: May require lenders to consider alternative remedies, such as loan modification, repayment plans, or forbearance, in light of Ida-related damages.
  • Appeals/Appeals Process: Possible provision for homeowners to appeal denial of relief or to seek expedited consideration.
  • Sunset or Review Provisions: The bill may specify a duration for the extended protections and/or a mechanism for future review or renewal.

Note: The precise text would specify the exact duration, the applicable geographic areas, the eligibility requirements, and the procedural steps for lenders and homeowners. The summary above reflects common elements of foreclosure protection extensions in disaster contexts.

Who would be affected

  • Directly Affected: Homeowners in New Jersey who suffered financial hardship due to the remnants of Hurricane Ida and who meet the bill’s eligibility criteria.
  • Secondary Effects: Mortgage lenders and servicers operating in New Jersey, who would need to comply with any extended forbearance, mediation, or modification requirements.
  • Impact on Housing Market: Could slow the pace of foreclosures in the affected areas, providing temporary housing stability for distressed homeowners.

Procedural and timeline aspects

  • Current Stage: Introduced and referred to the Assembly Housing Committee (as of May 18, 2026).
  • Next Steps: If advanced, the committee may hold hearings, gather testimony, and amend the bill before potentially moving it to the full Assembly for a vote. If enacted, the law would take effect according to the bill’s specified effective date (often immediate or at a defined future date), with any transitional rules spelled out for lenders and homeowners.
  • Relation to Existing Law: The bill would modify existing foreclosure protections related to disaster relief, potentially building on prior Ida-related relief measures or general disaster housing protections.

Practical considerations

  • Homeowners should monitor eligibility requirements and deadlines if the bill progresses, as disaster-related relief often requires timely application or documentation.
  • Lenders should prepare for compliance obligations, including documentation of forbearance options or modification processes and any mandated timelines.

If you’d like, I can tailor this summary to include hypothetical sample provisions (e.g., suggested eligibility criteria or typical durations) or wait for the exact bill text to provide precise, line-by-line details.

Compiled from official sources — confirm details with the bill’s official record.

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