Federal and State Mortgage Modification Programs Foreclosure Fast Facts Foreclosure Fast Facts - Spanish version NJ Housing Counseling Agencies Information For Lenders and Counselors

Federal Programs:



The Homeowner Affordability and Stability Plan is part of the President’s strategy to get the economy back on track. The Plan has two programs to help homeowners:

1. The Refinancing Program – to help homeowners who can pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. Only loans that are owned or guaranteed by Freddie Mac or Fannie Mae are eligible.

2. The Modification Program – to help homeowners who are struggling to make their mortgage payments by encouraging lenders to modify/refinance eligible mortgages to produce affordable monthly payments.

Visit www.makinghomeaffordable.gov to see if you qualify for the Refinancing Program or the Modification Program.

State Programs:










New Jersey HomeKeeper Program - The HomeKeeper Program offers financial help to New Jersey homeowners who are in danger of losing their homes as a direct result of unemployment or underemployment.

Eligible homeowners must demonstrate that they were making their mortgage payments up until the time of unemployment or underemployment, and the unemployment or underemployment must have occurred within the 12 months preceding the date of their application.

Eligible homeowners may receive up to $48,000 in assistance for a term of up to 24 months. The assistance may be used to help homeowners make their mortgage payments while they seek work or complete an approved job training program and/or may be used to help with arrearages.

HomeKeeper assistance is provided in the form of a second mortgage loan, repayable should the homeowner sell, refinance, transfer or cease to occupy the property within 10 years from the date of the assistance loan. New Jersey HomeKeeper is funded through a federal grant from the United States Treasury's Hardest Hit Fund.

For more information and to apply online, please visit http://www.NJHomeKeeper.gov