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Find mortgage help in New Jersey and foreclosure prevention assistance.

Get assistance with your mortgage and find free or low cost foreclosure help in all areas including Jersey City and Newark. Numerous mortgage programs, resources and non-profit agencies are available to homeowners in New Jersey as listed below.

In addition to focusing on housing issues, homeowners can call one of these agencies in order to locate additional assistance programs that are offered by the state of New Jersey that can help with paying many other types of bills.

Homeownership Preservation Refinance Program (HPRP)

This assistance program 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 HPRP program provides a 30- or 40-year mortgage loan that is fixed at a low interest rate for the life of the new loan. Borrowers have a number of choices available to them, as both 30 year and 40 year home loans are available. The HPRP program also provides one on one mortgage and financial counseling to help with bills, closing cost assistance, and more. Financial aid is available to all families earning up to 140% of area median income. The maximum allowable family incomes range from $113,680 to $134,120 per year depending on where you live.

The loan provided can be equal to 100% of the appraised value of your house or 103% of the appraised value if you include private mortgage insurance.

Note that the borrower can’t take cash back except to pay for any out-of-pocket costs or to pay off a second loan that is directly related to the HPRP financing. Other conditions apply.

You may be eligible for this assistance if you have recently experienced a financial hardship because your mortgage payment has increased due to terms such as a rate reset. Many subprime or interest only loans may qualify. This state program can also help homeowners that have been denied a mortgage modification. Dial 1-800-446-7467 to learn more.




To qualify for aid after a rate reset, you may have up to a total of three 30 day late or one 60 day late payments on your current mortgage during the previous 12 months. There is no minimum credit score requirement. Also, the property that is being refinanced with the HPRP mortgage loan must be occupied as the borrower’s primary residence, and the borrower also must maintain occupancy of the home for the life of the loan.

To qualify for mortgage help before a rate reset, the borrower can’t have any late payments during the past 12 months. Also, the mortgage borrowers credit score can’t be lower than 575, however exceptions may be made.

Also, borrowers who own other residential real estate property in New Jersey at the time of the HPRP application and loan closing are NOT eligible for the new HPRP loan.

Another criteria is that the borrower must be able to document the financial hardship that is being caused by the inappropriate mortgage, so proof is required. Various forms of documentation in required if a homeowners wants to apply for the HPRP mortgage loan.

Lastly, the borrower has to be able to show that they have the ability to fully repay the New Jersey HPRP loan over the agreed upon timeframe.

New Jersey 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 lowered interest rates.

If no resolution or solution is arrived at during this initial counseling phase, then the case moves to mediation, at which time the homeowners may be eligible, based on their household income, for free legal representation to help them with their mortgage and avoid foreclosure.

This new, one of a kind mortgage assistance program for New Jersey residents was created through a joint effort of the judiciary, the Housing Mortgage Finance Agency, the Office of the Attorney General, the Department of Banking and Insurance, the Public Advocate, and the nonprofit Legal Services of New Jersey. More on New Jersey foreclosure mediation.





Countrywide/Bank of America settle with New Jersey

This lender issued tens of thousands of subprime, interest only, and questionable loans across the state. They also took advantage of some applicants and provided them with mortgages while knowing they would never be repaid. So New Jersey and other states sued them. Now the bank is to provide additional mortgage and foreclosure assistance to New Jersey families.

Mortgage Stabilization Program

Another recently enacted program is the New Jersey Mortgage Stabilization Program. This program is intended to encourage mortgage modifications to homes that are in immediate danger of facing a foreclosure. This is yet another resource being offered by New Jersey.

Housing Assistance and Recovery Program

This is a fairly new housing assistance program that will help homeowners stay in their homes. 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.

New Jersey Home Ownership Preservation Effort (NJ HOPE)

Various government agencies, non-profits, charities, mortgage servicers, banks, and business groups have 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 housing payments. This is the groups main focus. Read more.

Financial assistance from Mortgage Assistance Pilot (MAP)

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.

New Jersey Hardest Hit Fund

The federal government is providing financial assistance to the state of New Jersey to be used for foreclosure prevention programs. 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.





Free foreclosure counseling from churches and faith groups

Many churches in New Jersey are starting to offer free foreclosure counseling. They are providing the services through the churches' affiliated community-development corporations and nonprofits, and thousands of families are starting to use these services. Learn more.

Non-profit agencies that provide 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.


By Jon McNamara














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