(Updated as of April 13, 2020)
Pennsylvania Attorney General Josh Shapiro has launched the “PA CARE Package”, a consumer relief initiative designed to provide relief for borrowers effected by COVID-19. “It gives you a 90-day grace period on mortgages, for consumer loans like auto loans, a 90-day window of relief from all those annoying fees that banks charge … foreclosures, eviction and motor vehicle repossession moratorium for at least 60 days,” Shapiro said. In addition, the banks must promise not to negatively affect the credit of borrowers participating under the program. PNC, Fulton Bank, OceanFirst Bank and Citizens Bank have to all agreed to participate in program, but the Attorney General is hoping more banks will continue to follow suit.
Likewise, New Jersey Governor Phil Murphy has detailed a plan for borrowers experiencing financial hardship as a result of COVID-19. Dozens of financial institutions have reached an agreement with the Governor that includes a 90-day grace period for mortgage payments and a 60-day pause on initiating foreclosure or eviction proceedings. Late payments received during the grace period will not negatively affect the credit of borrowers. Borrowers are encouraged to contact their financial intuition directly to see if they qualify.
Unruh Turner Burke & Frees will continue to monitor the situation and remains committed to serving your legal needs during this time.
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