New Jersey Housing and Mortgage Finance Agency Receives $1.4 Million to Support Foreclosure Prevention Counseling Efforts
Grant Provides Much-Needed Boost to New Jersey Homeowners in Danger of Foreclosure
TRENTON, N.J. – April 2, 2015 – (RealEstateRama) — The New Jersey Housing and Mortgage Finance Agency (NJHMFA) today announced that it has received $1.4 million to support New Jersey’s foreclosure prevention counseling efforts through the National Foreclosure Mitigation Counseling Program (NFMC). The much-needed funding will enable NJHMFA and its housing counseling partners to provide more foreclosure counseling to area homeowners in danger of foreclosure. To find a participating housing counseling agency in New Jersey, visit NJHMFA’s foreclosure webpage at http://www.njhousing.gov/foreclosure. A list of housing counselors is located inside the Foreclosure Fast Facts information guide.
A recent NeighborWorks America study prepared by the Urban Institute looked at the effectiveness of the NFMC program and found that homeowners who work with NFMC counselors were nearly twice as likely to resolve a serious delinquency or foreclosure, and nearly three times as likely to receive a modification.
“While the pace of home foreclosure has lessened nationally, many homeowners continue to face serious mortgage payment issues,” said NJHMFA Executive Director Anthony L. Marchetta. “This funding is critical for NJHMFA and its participating housing counseling agencies to continue providing free qualified services to families facing the possibility of foreclosure.”
These funds can also work in conjunction with other efforts on behalf of those facing foreclosure due to damage or loss caused by Superstorm Sandy. NJHMFA’s housing counseling partners in the most affected areas are trained in disaster recovery and can point homeowners toward other state and federal resources, in addition to giving them needed financial counsel.
For more information about the nationwide reach of the NFMC visit http://www.nw.org/nfmc.
To find a participating housing counseling agency in New Jersey, visit NJHMFA’s website and view the Foreclosure Fast Facts at http://www.njhousing.gov/foreclosure
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to http://www.njhousing.gov
Contact:
April 1, 2015 Tammori Petty
Emike Omogbai
609-292-6055
