COVID-19 Housing Assistance
Free Counseling Available to Homeowners and Renters
Governor Murphy and HMFA announced an expansion in the NJ Housing and Mortgage Finance Agency’s Housing Counseling Initiative during the pandemic. Now free assistance is available from housing counselors to help homeowners going through foreclosure, which includes pre-foreclosure and rental assistance counseling. Even families that are receiving some sort of relief are expressing concern at their ability to make back payments on rent, mortgages, property taxes, etc. A housing counselor can help you understand what sort of relief is available for your situation and build an action plan to get you to the other side of this crisis with your best possible outcomes.
Seek help through this program by calling 1-800-NJ-HOUSE. They have partnered with multiple agencies in each county and are paying for the cost of the counseling session, so you don’t have to.
Help for Homeowners
Counselors will provide an analysis of the client’s financial situation; evaluation of the current value of the home that is subject to the mortgage; review of options such as lender in-house modifications that may include restructuring or refinancing strategies; and the approval of an action plan by all interested parties. In the case of foreclosure prevention, whether or not the homeowner is in foreclosure, the goal is to assist the homeowners in retaining their homes with an affordable mortgage, however this result cannot be guaranteed in all situations and some instances may require assisting with a soft transition.
Help for Renters
Counselors will provide an analysis of the client’s financial situation, and guide tenants through budget and credit repair, assist with fair housing issues, eviction diversion and transition, if necessary. Renters can also review the list of NJHMFA Properties Affected by Rent Increase Suspension to see if their property is affected by the recent rent increase freeze.