: Mortgage Assistance for New Jersey's Unemployed & Underemployed

Mortgage Assistance for New Jersey's Unemployed & Underemployed

There will soon be state mortgage assistance for New Jersey's unemployed and underemployed.

New Jersey will be receiving $112 million in federal funding for anti-foreclosure assistance to help struggling homeowners. The allocation will be distributed to the New Jersey Housing and Mortgage Finance Agency (HMFA) through the Hardest-Hit Fund, a federal foreclosure-prevention initiative.

The New Jersey Home Keeper (NJHK) program, will be launched in January, 2011.  It will be administered through the HMFA and is designed to assist unemployed and underemployed homeowners in New Jersey make their monthly mortgage payments for up to 24 months.  
Since 2006, foreclosures have skyrocketed nearly 200 percent in the Garden State. 
The New Jersey Home Keeper program will provide a zero percent interest rate, deferred payment mortgage loans to unemployed and underemployed homeowners, who through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosure.

The program allows time for the homeowner to seek re-employment or complete job training programs.  The assistance will also help with mortgage arrears that may have accrued due to lost employment income.  The HMFA has said these loans will also be available to New Jersey homeowners who are participating in a permanent loan modification program. 
Loans will be capped at $48,000 per household and will not exceed 24 months.  The average assistance loan is expected to be $38,000.

The New Jersey Housing and Mortgage Finance Agency is drafting the rules and regulations for the NJ Home Keeper program, and hopes to roll it out in January, 2011.

For information on HMFA foreclosure programs as well as all other HMFA programs, log on to


Comment balloon 5 commentsLaura Giannotta • September 29 2010 05:48AM


  Terrific service an a hand up when it is most needed...applause, applause !

Posted by Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce (EXP Realty 414-525-0563) almost 10 years ago

Laura, I agree with Sally and David.  Do the home owners start to repay once they've secured employment...I assume repayment is in predetermined monthly installments...is it added to the back end of the mortgage??

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Huntsville AL) almost 10 years ago

Very Interesting. I did not know that. You can be assured Chris Christie has done nothing to secure the federal dollars or help those voters that are down but not out.

Posted by Gregory Bain, For Homes on the Jersey Shore (Mezzina Real Estate & Insurance) almost 10 years ago

Sally, lets hope it helps!

Nick, I think it will be added on the the back end.  But we'll know for sure when the rules and regs are published.

Gregory, actually it was Chris Christie's appointment to the helm of HMFA that did the application!

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) almost 10 years ago

I was searching for info about the program and found it's not working well. Poor response to people who apply.  Only 54 people approved.   There's talk about it at http://www.newjerseyhomekeeperprogram.info

Posted by Michael over 8 years ago