The Single Family, Fannie Mae/Freddie Mac, Uniform Mortgage, Form 3031 1/01 (uniform mortgage), used for the vast majority of residential mortgages in New Jersey, will soon be replaced (after 20 years) with the new version (Form 3031 7/21) (updated mortgage) mandatory with Fannie Mae and Freddie Mac on or after Jan. 1, 2023.

Both versions (uniform mortgages) afford defaulting borrowers contractually the same major rights afforded statutorily by the Fair Foreclosure Act (act), N.J.S.A. 2A:50-53 et seq., namely, the borrower’s right to: receive a pre-acceleration (or default) notice, cure the default and prevent acceleration and institution of foreclosure (Sections 22, 26), and reinstate the mortgage loan after acceleration and have foreclosure discontinued (Sections 19, 20) (not applicable for breach of the due-on-sale clause, (Sections 18, 19), or a matured mortgage loan).