Governor Murphy Signs Executive Order Regarding Foreclosures and Evictions in New Jersey Print PDF

Last night, in an effort to address the ongoing impact of COVID-19, Governor Phil Murphy signed into law A-3859, which provided him with authority to issue an executive order “declaring a moratorium on removing individuals from their homes pursuant to an eviction or foreclosure proceeding.”  Governor Murphy then immediately signed Executive Order No. 106, imposing such a moratorium.  The Executive Order places multiple restrictions on how lenders and servicers are permitted to proceed regarding foreclosures, evictions, and schedules of rent.  These restrictions are in addition to those previously announced by HUD, Fannie Mae, and Freddie Mac regarding foreclosure and evictions.  A link to the Executive Order can be found at:  https://nj.gov/infobank/eo/056murphy/pdf/EO-106.pdf.

Please contact us if you need assistance in managing your mortgage portfolio.  PIB specializes in managing large residential mortgage portfolios on behalf of lenders and servicers.  A more complete list of our capabilities in Consumer Financial Services can be found at:  https://www.piblaw.com/services-practices-consumer-finance.