TRENTON, NJ – The nearly year-long business shutdown in New Jersey in 2020 is starting to create long-term problems, especially with those struggling to catch up on their home mortgage payments. The U.S. is staring down a possible foreclosure and homeless crisis as families can’t stay afloat, even as things return to normal.
Families have racked up credit card debt and many used mortgage forbearance during the pandemic to stay afloat. Now with federal assistance gone, the state of New Jersey is stepping in to help.
The New Jersey Housing and Mortgage Finance Agency will be enhancing its ability to assist homeowners facing foreclosure due to a hardship caused by the pandemic. HMFA is investing an additional $10 million in federal American Rescue Plan Act funds into its current foreclosure protection programs to bolster its implementation of the Foreclosure Prevention Act signed by Governor Murphy in 2021.
“These programs focus first and foremost on families facing foreclosure and working with them to keep them in their homes. However, HMFA also looked for opportunities to rehabilitate abandoned foreclosed properties so they can be put back on the marketplace, which not only helps families looking for an affordable home but also helps prevent homes from being bought up by predatory investors and helps communities from being negatively impacted by the presence of an abandoned home,” Murphy said. “If you are facing a possible foreclosure and need more information on the programs offered by the New Jersey Housing and Mortgage Finance Agency, please visit that website, njhousing.gov.”