New Jersey Home Keeper (NJHK) program
Over $100 million in federal government funds will be provided to the state of New Jersey to help people prevent a foreclosure from occurring, or to assist those homeowners who are currently in the process. The money is part of the federal government’s hardest hit fund.
Type of mortgage assistance offered
The assistance program, which will be formally known as the New Jersey Home Keeper program (NJHK), will provide homeowners with several different options and types of services. Among the programs being offered include deferred payment mortgage loans, as well as a loan product with a zero percent interest rate. The loans provided to homeowners throughout the state will be capped at $48,000 per qualified household and the term of the loan will not exceed 24 months. The average assistance loan provided to borrowers is expected to be $38,000.
New Jersey Home Keeper program eligibility
With the nation in the midst of a terrible recession, and the resulting high unemployment rate that is resulting from the weak economy, the program is targeted to help New Jersey homeowners who are unemployed and underemployed through no fault of their own. Another focus is on those who have had a signigificant reduction in their income. The job loss they are experiencing needs to be preventing the borrowers from being able to financially pay their mortgage payments on time, and they need to be therefore in danger of losing their homes to foreclosure.