Homeowners Struggling to Pay Mortgages Invited to Free Information Sessions on New Jersey’s HomeKeeper Program at All Wars Memorial Building, Atlantic City, from 3-8 p.m.
TRENTON, NJ – Following the recent launch of the 2016 New Jersey HomeKeeper Program, a foreclosure prevention initiative that will assist New Jersey homeowners struggling to pay their mortgages, the Christie Administration invites Atlantic County residents to attend a free Foreclosure Resource Event, Tuesday, Oct. 18, from 3 p.m. to 8 p.m., at All Wars Memorial Building, 1510 Adriatic Ave., Atlantic City.
Organized and hosted by the New Jersey Housing and Mortgage Finance Agency (HMFA), this event is designed to educate and inform struggling homeowners about available foreclosure prevention programs and will also provide them an opportunity to visit with housing counselors, industry representatives and local organizations that can offer resources to assist them.
The HomeKeeper Program will loan eligible homeowners up to $48,000 to cover arrearages and/or monthly mortgage payments (including principal, interest, taxes and insurance) for up to 12 months. The loan is a no interest, second mortgage, and is only repayable if the homeowner sells, refinances, transfers ownership or ceases to occupy the property within 10 years of receiving the HomeKeeper loan.
Participation in the HomeKeeper Program is available to those with a track record of making their mortgage payments on time but who are now at risk of losing their homes to foreclosure as a direct result of unemployment, underemployment or other demonstrated financial hardships including medical, divorce, disability or death.
On hand at the Foreclosure Resource Event will be:
- HUD-approved housing counselors, who will provide one-on-one intake sessions to assist homeowners in avoiding a foreclosure or, in certain cases, help homeowners better understand the foreclosure process;
- Sheriff Frank Balles of Atlantic County, who will host three presentations beginning at 5 p.m., to educate homeowners on the foreclosure process and what to expect and what they must do if they go into foreclosure; and
- Representatives from the Department of Labor and Workforce Development (LWD), who will partner with HMFA to connect individuals to the One-Stop CareerCenter system. LWD staff members will provide information on its extensive services including job search assistance, career counseling, Jersey Job Clubs, Literacy and basic skills instruction, occupational training, and on-the-job training programs for newly hired workers who were formerly unemployed.
Additional organizations and event exhibitors will be on-site staffing tables with informational materials including Atlantic City Electric; R.E.A.L. (Realty Experts Aligned to Help) Help Program; Community Food Bank; NJ Housing and Mortgage Finance Agency; NJSHARES; and United Way of Greater Philadelphia & Southern New Jersey.
“The New Jersey HomeKeeper Program was created to assist homeowners experiencing financial hardship due to a loss of income to make their mortgage payments,” said New Jersey Department of Community Affairs (DCA) Commissioner Charles A. Richman, who is also Chairman of the HMFA Board. “We understand that some New Jersey families continue to face difficult economic realities, and we want to help them keep their homes as they deal with these hardships.”
The HomeKeeper Program is supported by the federal Hardest Hit Fund (HHF)and administered by HMFA. Eighteen states and the District of Columbia received funds for this U.S. Treasury Department initiative. The program began in 2010 to provide help to homeowners in states where foreclosure rates had escalated due to recessionary economic and housing market downturns. An additional $2 billion was made available to the fund this year to help families across the country pay their mortgages and to continue foreclosure prevention and neighborhood stabilization efforts.
“For the homeowners who qualify, the HomeKeeper Program will allow them to focus on improving their financial situation so that they can resume making payments on their own,” said HMFA Executive Director Anthony Marchetta.
A link to the HomeKeeper online application is now available at http://www.njhousing.gov/foreclosure. All applicants will be required to apply online. Once the online application is completed, eligible applicants will be assigned a housing counselor, free of charge, who will guide them through the process.
Another foreclosure initiative administered by the HMFA for at-risk homeowners is the New Jersey HomeSaver program that offers eligible New Jersey homeowners up to $50,000 in financial assistance to help bring their household monthly payment to an affordable level by using HHF funds to facilitate a refinance, recast, or permanent modification of the first mortgage loan. A link to the HomeSaver online application is also available at http://www.njhousing.gov/foreclosure.
The HMFA was created by the New Jersey State Legislature in 1983 to advocate for the production and financing of homeownership and rental housing that is affordable to lower income residents of the State of New Jersey. As part of its mission, the HMFA provides a variety of fixed interest rate mortgages and down payment and closing cost assistance programs to assist homebuyers and homeowners. Dedicated to increasing the availability of and accessibility to safe, decent and affordable housing to families across New Jersey, the HMFA provides funding for traditional affordable housing developments that serve New Jersey's neediest families as well as first-time homebuyers, senior citizens, and/or the disabled in special needs communities. In every situation HMFA is committed to make quality housing available at costs that are affordable to New Jersey residents.
For information on other HMFA foreclosure prevention programs, as well as all other HMFA services, visit http://www.njhousing.gov/foreclosure