Mortgage payment help in New Jersey
Find details on mortgage assistance programs in New Jersey that help struggling homeowners as well as people that are facing a foreclosure. Anyone that needs help, whether with paying an existing mortgage, property taxes, or that just needs housing counseling can get assistance from a non-profit or government organization. Learn more on where to get help near you in NJ with a mortgage.
The mortgage relief programs in New Jersey include (1) statewide resources; (2) local programs and (3) some resources that are offered when exceptional circumstances allow, such as an economic crisis. All these programs, as well as other foreclosure prevention services, are noted below.
Mortgage assistance programs offered across NJ
The Housing Partnership of New Jersey, which is a Neighborworks Homeownership Center partner, has various free foreclosure counseling and mortgage relief programs. There are workshops, programs that help seniors with a reverse mortgage, refi options and more.
- Homeownership Preservation Refinance Program (HPRP) provides an affordable financing alternative to borrowers in New Jersey whose current mortgage is no longer appropriate for their financial situation. Maybe the homeowner has had a reduction in income or is faced with other challenges. The Housing Partnership of NJ staff will help the borrower refinance into a new, possibly longer term home loan with a lower interest rate. It HPRP is for people in a financial hardship. Learn more on foreclosure prevention as well as mitigation services from the non-profit. https://www.housingpartnershipnj.org/.
New Jersey Judiciary Court system administers (with local non-profits) a Mortgage Mediation assistance program. This free program links homeowners with certified housing counselors and it encourages borrowers and lenders to reach an agreement on mortgage workout options. Some solutions include possibly the waiving of fees and penalties or maybe offering the homeowner lower interest rates. Mediation can also lead to free legal representation to help them with their mortgage and avoid foreclosure. More on New Jersey foreclosure mediation.
Free foreclosure counseling from churches in NJ and faith groups is an option. They are local in nature but can be a resource. They are providing the services through the churches' affiliated community-development corporations and foundations with thousands of families using these services. Learn more on foreclosure counseling from NJ churches.
Non-profit HUD agencies provide mortgage assistance in New Jersey. The federal government has certified several dozen non-profits across New Jersey as HUD approved centers. These locations can provide homeowners with various counseling services, and provide guidance to help them get back on track with paying their home loan. Click here to learn more on NJ HUD counseling in New Jersey.
New Jersey Housing and Mortgage Finance Agency helps low-income homebuyers and current homeowners. The government organization provides various mortgage assistance programs to assist current low-income homeowners. For people seeking to buy a house in NJ, NJHMFA offers down payment assistance and competitive mortgage rates. More details are here. https://www.nj.gov/dca/hmfa/.
Community action agencies offer mortgage and property tax help. There are locations in each NJ county. Some of the organizations offer their own emergency financial help to struggling, low-income homeowners while others help people find, and apply for, government grant money such as ESG funds. Find more details on NJ community action near you.
Additional ways stop a foreclosure in New Jersey
There are times when the local (or national) economy goes into a recession or a financial crisis hits. Or some other unusual situation occurs across the state. In these periods of time there are often other statewide mortgage assistance programs offered by the state of New Jersey, federal government or local agencies. Some of them are as follows.
- Bank of America will, when conditions warrant, offer solutions in the state. They have helped in the past as well when homeowners were facing adjustable rate loans that reset to a higher interest rate, including former Countrywide borrowers. Find details on Bank of America foreclosure prevention in NJ.
- The Mortgage Stabilization Program combines a combination of funds to local government to help them modify a mortgage as well as redevelop previously foreclosed homes. The program is run statewide in partnership with local municipalities. Learn more on the New Jersey New Jersey Mortgage Stabilization Program.
- HARP - Housing Assistance and Recovery Program will help homeowners stay in their homes. It is generally offered during times of natural disasters, such as when an occasional hurricane (or nor easter) hits the state, fires, or some other event. They will need to pay monthly rent until they are able to buy back the home at a later date. So it is a leaseback which provides the homeowner a place to live, and also the opportunity to reacquire the home at a later date. Learn more on NJ Housing Assistance and Recovery Program.
- New Jersey Hardest Hit Fund is for when a economic crisis hits. The federal government in these cases will often be providing financial assistance to the state of New Jersey to be used for foreclosure prevention programs, and the resource is called Home Keeper. The funds, which are part of the hardest hit fund, will be used to create a program known as the New Jersey Home Keeper Program.
- NJ HOPE combines various government agencies, non-profits, charities, mortgage servicers, banks, and business groups. The organizations have in the past joined together to create the HOPE organization. Their goal is to help New Jersey homeowners avoid a foreclosure and get back on track with their monthly mortgage and real estate tax payments. This is the groups main focus. Read more on NJ HOPE.
- Financial assistance from Mortgage Assistance Pilot (MAP) includes grant money or other forms of financial help. It is very limited in funding and resources - even when the government opens it for applications. This program may be able to provide financial assistance to those homeowners who are facing foreclosure due to short-term financial problems or a crisis that is beyond their control. Learn more how the New Jersey Mortgage Assistance Pilot (MAP) can help you pay your mortgage.
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