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Latest News For You

For Agency Professionals

Latest News For You | For Agency Professionals

Resources to Turn to When You Fear Foreclosure
SPECIFIC SERVICES TO HELP YOU

All of the resources listed on this page have more information about foreclosure on their Web sites. The U.S. Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA) provides comprehensive information about how to avoid foreclosure with special emphasis on alternative arrangements that you may be able to reach with your lender. Read their Guide to Avoiding Foreclosure .

Foreclosure Prevention Counseling

• Online and telephone counseling is available through the Homeownership Preservation Foundation. This organization is dedicated to helping homeowners avoid foreclosure. Their toll-free hotline is staffed with trained counselors and is open 24 hours a day, 7 days a week. You can reach them by phone at 888.995.HOPE (888-995-4673).
  
  
• For a current list of housing counseling agencies in New Jersey who have partnered with the NJ Housing and Mortgage Finance Agency (HMFA) click here.These counselors have been specifically trained in foreclosure prevention and asset preservation.

• Free or low-cost advice from housing counseling agencies that have been sponsored through the US Department of Housing and Urban Development (HUD) is available in our state. Here is a list of HUD Approved Counselors.

Mortgage Refinancing Options

• For increased access to credit and loan counseling and temporary assistance if you are in immediate danger of foreclosure call NJ HOPE. They have information on available mortgage products and funding too. NJ HOPE is a voluntary public/private alliance of government agencies, non-profit organizations, and financial institutions, committed to home ownership preservation. You can reach them at 888-995 HOPE or visit the NJ HOPE Web site to learn more.

• Mortgage refinance programs are available through the Neighborhood Assistance Corporation of America (NACA) This national non-profit community advocacy and housing services organization offers free counseling and will take you through the refinancing process. You can learn more and start the online application by clicking here.
  
  
• An affordable financing alternative to borrowers whose current mortgage is no longer suitable for their financial situation is available through the New Jersey Housing and Mortgage Finance Agency’s Homeownership Preservation Refinance Program (HPRP). Applications must be submitted through HPRP participating lenders. More information on this program along with a link to a list of the lenders is here. You can reach them by phone at 800-NJ-HOUSE (800-654-6873).
  

• If you are having trouble making your mortgage payments, HOPE for Homeowners (H4H) may be able to help you,by refinancing your loan into a new 30-year or 40-year fixed-rate loan with lower payments. To find out if you are eligible, you must call your lender and inquire with them. More information on this program is available here or by calling 800-CALL-FHA (800-225-5342).

• Families with strong credit histories who had been making timely mortgage payments before their loans reset, but are now in default, may qualify for refinancing under the FHASecure plan.

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset
2. Interest rates must have or will reset between June 2005 and December 2008
3. Three percent cash or equity in the home
4. A sustained history of employment
5. Sufficient income to make the mortgage payment

To learn more about FHASecure call 800-CALL-FHA (225-5342) or read their fact sheet.

Mortgage Assistance when Homes are in Need of Repair

If your home is in need of repair, you may be eligible for help through the Refinance Rehabilitation Program. This program was created to assist current home owners by refinancing the existing mortgage. A portion of the refinancing must be used for rehabilitation of the house. Learn more.

Mortgage Assistance for Military Personnel

Mortgage payment relief and protection from foreclosure is provided to active military personnel and reservists through the Servicemembers Civil Relief Act (SCRA). To be eligible for this program you must have had mortgage commitments before enlisting or being called to active duty. Reservists, guardsmen and other eligible servicemembers should contact their lenders and other creditors and provide documentation that they have been called to active duty and are eligible for certain relief under the SCRA. To learn more about this program you can call 800-CALL-FHA (225-5342) or read their fact sheet.

Borrower Assistance Programs Offered Through Banks

As part of the NJ HOPE initiative, banks may offer a variety of borrower assistance programs such as mortgage refinance loans, closing cost assistance, waiving of private mortgage insurance requirements and credit counseling

Bank of America

Current Bank Customers:
1ST Mortgages:  1-800-846-2222
Home Equity or Lines of Credit:  1-800-451-6362

Non-Customers of Bank of America:
1-800-861-5550

Citigroup

For Nonprofit Homeownership Counselors: 
1-866-517-0820 for borrowers with a Citi loan or for whom Citi/CMI is the servicer
1-800-864-3428 for borrowers for whom Citi Residential is the servicer

HSBC Finance

1-800-340-7505

PNC Bank

Vanessa Nazario, Assistant Vice President
Affordable Mortgage Product Manager
609-860-1006

Wachovia

Wachovia Mortgage Corporation: 1-866-642-9405

Emergency Financial Assistance:

Homelessness Prevention Program - This program provides limited financial assistance to low and moderate income tenants and homeowners in imminent danger of eviction or foreclosure due to temporary financial problems beyond their control. To learn more, contact the office in your area. Find a listing of local contacts here.

Learn more about the programs and services provided through the Department of Community Affairs (DCA) here.

The Social Service for the Homeless (SSH) program provides assistance to New Jersey residents who are at risk of homelessness, but are ineligible for Temporary Assistance for Needy Families welfare, General Assistance welfare or Supplemental Security Income. If you are eligible for this program, SSH may pay for emergency food or shelter for a limited time and may also provide money for rent, mortgage, utility and security deposit assistance.

In response to the economic distress that many in our state are suffering from, eligibility guidelines have been changed to include those with higher incomes (a family of four with a monthly income of not more than $6,183 is eligible for service) and the length of time for services has been extended to 4 months. Local assistance is available 24 hours a day. Find your area's hotline number.

Learn more about SSH.

Services Once the Foreclosure Process Has Begun

Mediation The NJ Judiciary Foreclosure Mediation Program was created to assist homeowners in foreclosure actions. They will provide mediators to help homeowners and lenders negotiate with one another and try to work out agreements to avoid foreclosure. The program will also provide lawyers to income-eligible homeowners. For more information, go to http://www.nj.gov/foreclosuremediation/index.html or call 888-989-5277 between the hours of 8 AM and 6 PM Monday through Friday.

Legal Aid By dialing a toll-free number, 1-888-LSNJ-LAW (1-888-576-5529), callers can access a statewide legal hotline which provides legal information, advice and referral to low-income residents of New Jersey with civil legal problems (criminal cases are referred). This service is provided at no charge but applicants must be financially eligible to qualify. The hotline handles all cases over the telephone and does not provide ongoing legal representation. The hotline is open from Monday through Friday, 8:00 a.m. to 5:30 p.m.

If you are having trouble getting through on the hotline due to call volume, you can fill out an online form and someone will get back to you as soon as possible. Inquiries are responded to in the order in which they are received. You may be able to find answers to your legal problems on their self-help Web site, www.lsnjlaw.org.

Tenants Rights are Protected in the Event of Foreclosure

Residential tenants in New Jersey cannot be evicted solely because the property where they live is in foreclosure or has been foreclosed. The law protects tenants against eviction and provides some protection from utilities being shut-off. To learn more, call the New Jersey Tenants’ Organization at 201-342-3775 or the New Jersey Department of the Public Advocate, Office of Citizen Relations at 609-826-5070. Read The Rights of Tenants During Foreclosure PDF. Derechos de los inquilinos durante la ejecución hipotecaria PDF.

New Jersey Tenant Organization

The New Jersey Tenants Organization (NJTO) is the oldest, largest statewide tenant membership organization in the United States. To learn more you may contact them at NJTO, 389 Main Street, Hackensack, NJ 07601; Telephone: 201-342-3775; Fax: 201-342-3776; E-mail: info@njto.org; or vist their Web site.

Lawyer Referral Services

Following is a listing of county bar associations that offer lawyer referral services. Locate your county of residence and contact the appropriate service. Do not contact referral services that are outside of your local county.