Press Release

For Immediate Release: August 5, 2015

New Jersey HomeSaver Foreclosure Prevention Program

Press Release from the New Jersey Housing and Mortgage Finance Agency

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The New Jersey Housing and Mortgage Finance Agency (HMFA) recently announced the launch of the New Jersey HomeSaver Program (HomeSaver), a foreclosure prevention initiative that offers eligible New Jersey homeowners up to $50,000 in financial assistance to bring their monthly household payment to an affordable level.

The program has been allocated over $17 million in federal Hardest Hit Funds to help an anticipated that 345 households in the form of a 0% interest rate, non-amortizing (no monthly payments), forgivable, 10-year loan. After the fifth year of the closing date of the HomeSaver loan, the amount will be forgiven at a rate of 20% per year, to be forgiven in full at the end of the tenth year.

Program eligibility requires that a homeowner be at risk of foreclosure due to financial hardship such as recent unemployment or a reduction in income, as well as meeting other criteria.

Unlike other foreclosure prevention efforts, homeowners do not have to be delinquent on their mortgage payments to qualify for the program. However, they must meet their mortgage servicer or investor’s guidelines for a modification, recast, refinance or principal reduction in order to participate.
 
To apply for the New Jersey HomeSaver Program, a homeowner must first contact their mortgage servicer directly to find out if they are participating in the program, as servicer participation is voluntary.
 
Get more HomeSaver program information here: https://www.newjerseyhomesaver.com

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