I don't know the NJ specifics, but if they are like anywhere else on the world, mortgages weren't cancelled, just the time not paid added to the end of the term. Sure if you have 20 years left, 20 years + 4 months isn't a big change, but you still have to pay the amount owned. For landlords is the same, except it is in a shorter time period (but then again, not a lot of people rent the same place for 20+ years)