Grant Provides Boost to New Jersey Homeowners in Danger of Foreclosure
TRENTON, N.J. – May 21, 2013 – (RealEstateRama) — New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III, Chair of the New Jersey Housing Mortgage and Financing Agency (HMFA) today announced that HMFA has received $1.1 million to support New Jersey’s foreclosure prevention counseling efforts. The funding boost will enable HMFA to provide more foreclosure counseling than ever before to New Jersey homeowners in danger of foreclosure.
“We recognize that no homeowner is immune to foreclosure during these years of national economic hardship. It can impact even hard-working individuals who have followed the rules only to face the prospect of losing their home because of a layoff or pay cut,” said DCA Commissioner and HFMA Chair Constable. “This is why the Christie Administration has made foreclosure prevention initiatives a priority within HMFA.”
The grant to support New Jersey’s foreclosure prevention counseling efforts was provided by funds from the National Foreclosure Mitigation Counseling Program. The National Foreclosure Mitigation Counseling Program is administered through a competitive application process by NeighborWorks® America, within guidelines defined by Congressional legislation.
“This funding is critically needed to help families facing foreclosure find the right solution,” said HMFA Executive Director Anthony L. Marchetta. “This money enables HMFA and its participating housing counseling agencies to continue to provide free and professional services to families who need mortgage assistance.”
By working with qualified counselors, New Jersey homeowners at risk of foreclosure can improve their financial management skills, better manage relationships with lenders, address issues prior to lenders filing foreclosure notices, and receive assistance in obtaining a loan modification cure.
More information about the nationwide reach of the National Foreclosure Mitigation Counseling Program can be found at www.nw.org/nfmc. To find a participating housing counseling agency in New Jersey, visit HMFA’s website at www.njhousing.gov.
The HMFA provides funding for affordable home ownership and housing opportunities for New Jersey residents. The Agency responds to the needs of its residents by implementing creative programs and establishing alliances that fund affordable home mortgages for first-time home buyers; promote construction and rehabilitation of rental housing; encourage mixed-income, owner-occupied housing growth as a means to stabilize urban neighborhoods; advance the growth and development of municipalities; and contribute to the quality of life of older adults, the disabled and those with special housing needs.