Banks will give New Jersey homeowners struggling with financial problems caused by the coronavirus outbreak a 90-day grace period on mortgage payments to ease the burden, Gov. Phil Murphy said Saturday.

Earlier this month, Murphy ordered evictions and foreclosures to stop in the state as the number people infected with COVID-19 continues to rise. He said Saturday that mortgage lenders have further pledged not to initiate any new foreclosures or evictions for at least 60 days.

“Many New Jersey families can breathe easier, keep their heads above water, and have a place they can continue to call home," Murphy said at the Trenton War Memorial during his daily coronavirus press briefing.

Citigroup, JPMorgan Chase, U.S. Bank, Wells Fargo, Bank of America and 40 other banks, credit unions, and servicers signed on to the agreement, Murphy said, and more are expected to join them soon.

“This 90-day grace period cannot and will not be used to downgrade anyone’s credit rating and lenders will also waive any late fees or other costs that would otherwise arise because of this 90-day grace period,” Murphy said.

Homeowners should contact their lenders, who will discuss with them whether they qualify, Murphy’s office said in a press release. His office noted that the grace period is available to those who can show a COVID-19-related reason for financial hardship “supported with available documentation.”

Matt Platkin, chief counsel for the governor’s office, said the expectation is that banks will add three months onto the end of mortgages instead of making people pay one lump sum after 90 days. The one caveat, he said, is some of federal loans the state does not have jurisdiction over.

The governor thanked the banks for stepping up and tipped his hat to California Gov. Gavin Newsom, who negotiated a similar deal with most of the same banks earlier this week. Murphy also told financial institutions in his briefing that “now is the time to do even more" for those who are struggling, including lowering credit card interest rates and waiving late fees.

In New York, Gov. Andrew Cuomo asked lenders for the same 90-day mortgage payment reprieve in his state. He later issued an order granting the state Department of Financial Services the ability to mandate it.

Businesses and families are feeling the pinch after Murphy ordered people to stay at home and shuttered all non-essential businesses in New Jersey to help stop the virus’ spread. Unemployment insurance requests have skyrocketed.

New Jersey — which has 9 million residents — now has 11,124 known cases of the virus, including at least 140 known deaths. Only New York has more cases among U.S. states.

Murphy has been seeking other financial relief for residents and businesses from the federal government.

President Donald Trump issued an emergency declaration for the state Thursday, making it eligible for special federal funding for expanded unemployment insurance, child care, and supplemental nutrition and assistance programs. And Trump on Friday signed a $2 trillion federal stimulus package that Congress approved.

Murphy said Saturday he’s also urging financial institutions and credit card companies to “do the right thing” and lower credit card interest rates and waive late fees.

“We all need to get through this together — not just get through it to get out of it quicker," he said.

In addition, the governor told renters and landlords to provide “relief to your tenants."

”To any renter facing eviction, under my executive order, your landlord cannot kick you out of your home during this emergency. Period," Murphy said.

He also warned landlords that “this is not the time to be raising rents” and that they will face penalties if they try to evict anyone.

“We are not gonna take it lightly and we will make an example out of you," Murphy added.

NJ Advance Media staff writer Matt Arco contributed to this report.

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Brent Johnson may be reached at bjohnson@njadvancemedia.com. Follow him on Twitter @johnsb01.

Rebecca Everett may be reached at reverett@njadvancemedia.com. Follow her on Twitter @rebeccajeverett.

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