If you’re a homeowner in New Jersey struggling to keep up with your mortgage payments, you’re not alone. Financial hardships can happen to anyone, and it’s important to know that there are mortgage relief options available to help you keep your home. In this blog, we’ll cover some of the mortgage relief options for homeowners in New Jersey, including helpful government links to mortgage relief programs, how to apply for them, and tips on how to avoid foreclosure.
Mortgage Relief Programs in New Jersey
New Jersey has several mortgage relief programs available to help homeowners struggling to make their mortgage payments. Here are some of the programs you can explore:
- New Jersey HomeSaver Program: This program offers financial assistance to eligible homeowners who are facing temporary financial hardship. The program provides up to $50,000 in financial assistance to help homeowners bring their mortgage payments current and stay in their homes.
- New Jersey HomeKeeper Program: This program offers up to $48,000 in financial assistance to eligible homeowners who are unemployed or underemployed due to a medical condition, disability, or other eligible circumstance. The program helps homeowners make their mortgage payments and avoid foreclosure.
- New Jersey Housing and Mortgage Finance Agency (NJHMFA) HomeSaver Advance: This program offers eligible homeowners up to $50,000 in financial assistance to help bring their mortgage payments current.
- New Jersey Housing and Mortgage Finance Agency (NJHMFA) Mortgage Assistance Program: This program provides up to $20,000 in financial assistance to eligible homeowners who are facing financial hardship and need help paying their mortgage.
How to Apply for Mortgage Relief Programs in New Jersey
To apply for a mortgage relief program in New Jersey, you can contact the New Jersey Housing and Mortgage Finance Agency (NJHMFA) at 1-800-NJ-HOUSE or visit their website. You’ll need to provide documentation of your financial hardship, such as proof of income, bank statements, and mortgage statements.
Tips on How to Avoid Foreclosure
If you’re struggling to make your mortgage payments, there are steps you can take to avoid foreclosure. Here are some tips:
- Contact Your Lender: If you’re having trouble making your mortgage payments, contact your lender as soon as possible. They may be able to work out a payment plan or modify your loan to make your payments more affordable.
- Explore Mortgage Relief Programs: As we’ve discussed, there are several mortgage relief programs available in New Jersey. Explore your options and see if you’re eligible for any of these programs.
- Sell Your Home: If you’re unable to keep up with your mortgage payments and don’t qualify for a mortgage relief program, selling your home may be the best option. Working with a real estate agent can help you navigate the selling process and ensure that you get the best price for your home.
- Seek Help: If you’re feeling overwhelmed or don’t know where to turn, seek help from a housing counselor. Housing counselors can help you understand your options and provide guidance on how to avoid foreclosure.
Consequences of Foreclosure
Foreclosure can have serious consequences, including damage to your credit score, difficulty obtaining credit in the future, and the loss of your home. It’s important to take action as soon as possible if you’re struggling to make your mortgage payments to avoid the potential consequences of foreclosure.
Helpful Links
- New Jersey HomeSaver Program: This program provides assistance to homeowners who are struggling with their mortgage payments.
- New Jersey Hardest Hit Fund: This program offers financial assistance to homeowners who have experienced a loss of income or financial hardship and are at risk of foreclosure.
- New Jersey Foreclosure Mediation Program: This program provides homeowners with the opportunity to participate in mediation with their lender to work out an alternative to foreclosure.
- New Jersey Housing and Mortgage Finance Agency: This agency offers a variety of programs and resources for homeowners who are struggling with their mortgage payments.
- New Jersey Department of Community Affairs: This department provides information on foreclosure prevention and assistance programs available to New Jersey residents.
Favor Home Solutions’ Save My Credit Program Can Help
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