New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 65 - RULES FOR MORTGAGE FORBEARANCE FOR SANDY-IMPACTED HOMEOWNERS › Subchapter 1 - RULES FOR MORTGAGE FORBEARANCE FOR SANDY-IMPACTED HOMEOWNERS › Section 5:65-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, as used in this chapter, shall have
				  the following meanings, unless the context clearly indicates otherwise.
"Active mortgage lender" means those mortgage lenders that the
				  Department is aware of that have issued residential mortgages in the State of New
				  Jersey.
"Certificate of occupancy" means a certificate issued by the
				  appropriate State and/or local official pursuant to the State Uniform Construction
				  Code and applicable regulations, allowing a homeowner to reoccupy his or her
				  residence.
"Certification of Eligibility for Forbearance" means a final
				  determination by the Department that an applicant has satisfied all statutory and
				  regulatory criteria and is, thus, entitled to receive mortgage forbearance from the
				  appropriate mortgage lender.
"Complete application" means an application properly filed with
				  the Department, which contains all information and documentation required for the
				  Department to determine whether the applicant meets the eligibility criteria to
				  receive a Certification of Eligibility for Forbearance.
"Department" means the State of New Jersey, Department of
				  Community Affairs.
"Eligibility criteria" means those basic standards that must be
				  met by every applicant for a Certification of Eligibility for Forbearance. Failure
				  to meet any of these criteria will result in the application being rejected. These
				  criteria include:
1. A current mortgage obligation;
2. Qualification as a Sandy-impacted homeowner;
3. Significant damage to the applicant's primary residence as a
				  result of Superstorm Sandy, causing a period of displacement as evidenced by the
				  need for either a certificate of occupancy or a temporary certificate of occupancy
				  in order for the homeowner to reoccupy the residence;
4. Submission of a completed application pursuant to this chapter,
				  including all documents required by N.J.A.C. 5:65-1.4 and all attestations required
				  by N.J.A.C. 5:65-1.7; and
5. Construction or elevation work that remains to be done on the
				  applicant's primary residence, which is the result of damages sustained in
				  Superstorm Sandy and requires either a certificate of occupancy or a temporary
				  certificate of occupancy in order for the homeowner to reoccupy the
				  residence.
"Forbearance" or "mortgage forbearance" means a period of time
				  during which obligations for mortgage and interest payments are suspended. The
				  homeowner remains responsible for tax and insurance payments during the period of
				  forbearance, as well as maintenance of the property that is the subject of the
				  forbearance.
"LMI Program" means the State's Low-to-Moderate Income Homeowners
				  Rebuilding Program to assist eligible owners whose primary homes were damaged by
				  Superstorm Sandy.
"Mortgage" means a mortgage, trust deed, or other security in the
				  nature of a residential mortgage.
"Mortgage lender" means the entity to which a homeowner is
				  currently making mortgage payments, which processes loan payments, keeps track of
				  principal and interest paid, and manages the escrow account.
"Recovery and rebuilding program" means the State-administered
				  RREM and LMI programs that each provide up to $ 150,000 to cover the costs of
				  restoring eligible homes damaged by Superstorm Sandy.
"RREM Program" means the State's Reconstruction, Rehabilitation,
				  Elevation and Mitigation Program to assist eligible owners whose primary homes were
				  damaged by Superstorm Sandy.
"Sandy-impacted homeowner" means a person who has either received
				  rental assistance from the Federal Emergency Management Agency as a result of damage
				  to his or her primary residence due to Superstorm Sandy or been approved for
				  assistance through the RREM or LMI programs. A Sandy-impacted homeowner may be
				  eligible for forbearance regardless of whether his or her primary residence is
				  already the subject of a foreclosure proceeding.
"Superstorm Sandy" means the major storm that made landfall in New
				  Jersey on October 29, 2012.
"Temporary certificate of occupancy" means a certificate issued by
				  the appropriate official pursuant to the State Uniform Construction Code and
				  applicable regulations, allowing a homeowner to reoccupy his or her residence,
				  subject to the conditions set forth in the certificate.