Federal and State Mortgage Modification Programs
The following programs have been created by the Federal Government and the State of New Jersey to encourage your lender to work with you and to modify your mortgage so that future payments are affordable to you.
Find out if you might be eligible for any of these programs by visiting the websites below or by contacting a housing counseling agency listed here. These programs have been created to help you. There is no fee to get information about these programs.
Federal Foreclosure 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:
Visit www.makinghomeaffordable.gov for more detailed information, and to see if you qualify for the Refinancing Program or the Modification Program.
is part of the President’s strategy to get the economy back on track. The plan has two programs to help homeowners:- 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.
- 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 for more detailed information, and to see if you qualify for the Refinancing Program or the Modification Program.
State Foreclosure Programs
The 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 36 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 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
The Mortgage Assistance Pilot (MAP) Program provides temporary financial assistance, up to $20,000, to income-eligible homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems beyond their control.
To see if you qualify, contact a counseling agency in the county in which you live. A list of agencies can be found on pages 3 and 4 of the Foreclosure Fast Facts (1.7MB PDF) (Spanish Version) (2.2MB PDF) sheet.
