New Gopal Bill Calls on Banks to Freeze Mortgages During COVID-19 Pandemic

03/31/20 | News

OCEAN TOWNSHIP – Senator Vin Gopal is introducing legislation urging New Jersey financial institutions to temporarily suspend mortgage payments from borrowers and homeowners financially impacted by the COVID-19 emergency.

“Financial institutions in other nations, including Italy, have already taken this critical step, and it’s time for New Jersey to do the same,” said Gopal (D-Long Branch). “With hundreds of small businesses closing their doors and thousands of employees being laid off, quarantined, or left to care for sick family members, families throughout our state are already struggling to buy necessities like medicine and groceries – let alone make their regular mortgage payments. For the short- and long-term health of our state’s economy, and to make sure that no family has to lose their home because of this crisis, financial institutions need to show forbearance toward any household that can’t afford to pay.”