New Jersey HomeKeeper Program
Dear residents and homeowners:
The New Jersey HomeKeeper program will be available on May 9, 2011. This program is funded thru a grant from United States Treasury's Hardest Hit Fund.
New Jersey's unemployment rate is at a historically high level which has translated into extraordinary high numbers of foreclosures. In many cases foreclosures are the direct result of unemployment or underemployment. Those affected homeowners often find themselves ineligible for financial assistance through foreclosure prevention programs because of their loss of income. New Jersey HomeKeeper can provide the short-term financial assistance needed to keep these families in their homes while they look for employment. Eligible homeowners must demonstrate a track record of timely mortgage payments prior to their loss of income and must show that they are now at risk of losing their homes to foreclosure as a direct result of unemployment or underemployment
New Jersey HomeKeeper provides assistance in the form of a second mortgage loan repayable only if the homeowner sells, refinances, transfers or ceases to occupy the subject property within 10 years from the date of the assistance loan. New Jersey HomeKeeper loan proceeds may be used to cover arrearages and/or an approved amount of the homeowner's monthly mortgage payment, including property taxes, property insurance, and mortgage insurance. Housing Counseling is also provided to prospective applicants at no cost. Eligible homeowners may receive financial assistance of up to $48,000.00 for a period not to exceed 24 months.
The New Jersey HomeKeeper is intended to help to stabilize our neighborhoods, preserve the municipality's tax base, and help to restore the vitality of our impacted communities. If you know any one that may be interested in the program, please direct them to www.njhomekeeper.gov or have them contact the toll-free HomeKeeper call center at (855)-NJ-KEEP-1
Please do not hesitate to contact Dawn Parreott, who works in the office of the Executive Director of the New Jersey Housing and Mortgage Finance Agency, at (609) 278-7399 with any questions you may have about HomeKeeper
Mayor Bill DeBoer