Lautenberg, Menendez Announce Launch of Long-Awaited Program to Keep New Jersey Families in their Homes
Senators Laud Program that Puts People Before Banks While Combating the Foreclosure Crisis
NEWARK, NJ – May 10, 2011 – (RealEstateRama) — U.S. Sens. Frank R. Lautenberg (D-NJ) and Robert Menendez (D-NJ) were very pleased today to announce that the New Jersey HomeKeeper program, which is federally-funded and state-administered, is launching on a statewide basis, after a successful two-month pilot period. The program will make deferred-payment mortgage loans with zero percent interest available to New Jersey homeowners with a proven history of making their mortgage payments but who are now considered at-risk because of unemployment. Loan recipients are eligible for up to $48,000 in federal assistance for a period of up to 24 months and can use it to cover mortgage payments, property taxes, property insurance, and mortgage insurance.
“Every effort must be made to help New Jersey families avoid foreclosure and stay in their homes,” Lautenberg stated. “While the housing market has yet to recover, this federal program will provide homeowners with important relief while we work to create jobs and improve the economy.”
“This is exactly what we need to be doing – helping people stay in their homes,” said Menendez. “The financial meltdown has hit honest, hard-working families from all sides. When employment security and home values were suddenly put into jeopardy, many Americans found themselves out of work, holding an underwater mortgage, or both. People were swept up in a mess of shady lending that was not of their own creation. The HomeKeeper program will help the New Jersey families who need it most, so that they can stay in their homes where they belong until they can get back on their feet.”
New Jersey HomeKeeper is funded through a federal grant from the U.S. Treasury awarded to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to administer the program. In order to learn more about the program or apply for assistance go to www.njhomekeeper.gov or call HomeKeeper toll-free at (855)-NJ-KEEP-1.
