(TRENTON) – Legislation sponsored by Assembly Democrat Bob Andrzejczak to help suspend mortgage interest while military members are deployed on active duty was cleared on Thursday by the Assembly Military and Veterans Affairs Committee to advance in the legislature.
The bill (A-2628) will allow a state resident who is call to active duty as a member of the National Guard or a Reserve component of the Armed Forces of the United States to request for that period of mobilization a suspension of the payment of interest on a mortgage loan that was secured by the person before entry into service on federal 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). “This legislation removes a burden many soldiers face when deployed, mounting mortgage interest, which can potentially lead to financial problems for them when they return.”
The suspension would remain in effect while that person remains in service on federal active duty, and interest that would have been incurred during that time would be paid, after the expiration of the suspension, in equal installments over the remaining term of the mortgage loan. The suspension would expire one month after the person is released from service on federal active duty.
The bill would only apply to a mortgage securing a primary residence.
To apply, a person would submit to the mortgage a written request that includes a copy of the person’s military orders or an affidavit stating that the person is in service on federal active duty, as well as a contact person for the mortgage loan while the person is in service.
“New Jersey’s military families deserve all of the support we can give them,” Andrzejczak continued. “This is a small gesture which can potentially help military families protect their homes from foreclosure while they are deployed.”