Hope for NJ's Unemployed Home-Owners?
I was reading Ask Tara @Trulia, again, when I discovered this potential gem in her post, 5 Mortgage & Foreclosure Myths:
5. Myth: If you’ve lost your job and can’t make your mortgage payment, you might as well mail your keys in. Until recently, this was essentially true – virtually every loan modification and refinancing opportunity required that your economic hardship be over before you could qualify. And documenting income has always been high on the requirements checklist. But there are some new funds available in the states with the hardest hit housing and job markets, which have been designated specifically for out-of-work homeowners.
According to Tara, New Foreclosure-Prevention Programs will be made available to Home-Owners in 18 states and the District of Columbia…yes, New Jersey made the list!
The US Treasury Department’s Hardest Hit Fund has allocated $7.6 billion to 18 states so far– all of which are now using some portion of these funds to offer up to $3,000 per month for up to 36 months in mortgage payment assistance to help unemployed homeowners avoid foreclosure.
According to the official “Fund Site” for the State of New Jersey, The New Jersey Home Keeper Program, is “anticipated to START in the near future”? We will keep you posted as to when the “Fund” becomes available to unemployed home-owners in Ocean County, so be sure to check back here OFTEN!
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