New Jersey’s Mortgage Mediation Program Working to Keep Families in Their Homes

More than 2,500 mediation cases scheduled and 1,450 completed Preliminary September foreclosures down 21 percent

TRENTON, NJ – October 9, 2009 – (RealEstateRama) — More than 2,600 New Jersey homeowners have received counseling assistance through the State’s Foreclosure Mediation Program, Governor Jon S. Corzine said today. Of the 2,500 mediation cases that have been scheduled, 1,450 cases have been completed, with more than 50 percent of families able to remain in their homes. The Governor also announced that New Jersey’s preliminary foreclosure figures for the month of September were trending downward by nearly 21 percent or 1,150 less than the month of August.  

“New Jersey is working hard to stem the tide of foreclosures that has resulted from the global economic recession and impacted families across New Jersey,” said Governor Corzine.  “Through initiatives like the Foreclosure Mediation Program, we are making a difference by helping families in jeopardy of losing their homes stay right where they belong.  While we are beginning to see positive trends with regard to moderating foreclosures, we know our efforts to assist New Jersey families in need is far from over.”

Administered through the Administrative Office of the Courts, New Jersey’s Foreclosure Mediation Program is an opportunity for qualified homeowners who are facing foreclosure to receive help from housing counselors, attorneys, and a neutral mediator to resolve a loan delinquency. The free program aims to assist homeowners avoid foreclosure by proposing work-out and payment arrangements that balance the interests of the borrower and lender.

A Foreclosure Mediation Hotline is open from 8 a.m. to 6 p.m. Monday through Friday at 1-888-989-5277.

In his 2008 Economic Assistance and Recovery Plan, Governor Corzine proposed several initiatives to deal with foreclosures and assist New Jersey homeowners at risk of losing their homes.  In addition to foreclosure prevention, mediation and increased counseling opportunities, the Mortgage Stabilization Program and the Housing Assistance and Recovery Program is available and administered through the New Jersey Housing and Mortgage Finance Agency (HMFA). 

Over the past three months, New Jersey foreclosures have continued to decline: July (5,813); August (5,536); September (4,386).

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For More Information:
Robert Corrales
Phone: 609-777-2600