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New Jersey Housing and Mortgage Finance Agency (NJHMFA) will lead the implementation of the New Jersey Residential Foreclosure Prevention Program’, to promote the agency’s commitment to affordable housing ownership and foreclosure mediation.
To address the rising number of foreclosures in New Jersey, this program empowers NJHMFA in helping to stabilize families’ homeownership.
NJHMFA will be able to undertake supportive interventions by establishing public-private partnerships with nonprofits and will purchase non-performing loans from institutional lenders in bulk.
Governor Murphy said, during these extraordinarily trying times it is essential to fight to combat housing insecurity.
We need to identify new and innovative ways to aid our citizens in this time of stress. With this bill, help will be provided to more New Jersey homeowners to retain their homes.
To expand its Foreclosure Mediation Assistance Program (FMAP) in March of 2020 Governor Murphy directed NJHMFA to include pre-foreclosure counseling for helping homeowners avoid potential foreclosure, and to begin offering counseling assistance to renters.
Approximately 2,163 families have been assisted by this expanded program, with about 1,430 rental households and almost 500 owner-occupied households.
By addressing the challenges, of growing housing insecurity, this legislation is an important step toward housing stability for families and communities across our state.
The New Jersey Foreclosure Act and its ensuing programs will work together to prevent the state’s most vulnerable residents from losing their homes said Lt. Governor Oliver, who is New Jersey Department of Community Affairs (DCA) Commissioner and NJHMFA board chair.
Melanie R. Walter, Executive Director, New Jersey Housing and Mortgage Finance Agency said that this legislation will help New Jersey families to keep their homes and ensure that foreclosed properties can reenter the homeownership market, so it results in stabilizing neighborhoods and helping families become homeowners.
Senator Singleton said, that New Jersey has taken great steps in addressing the earlier foreclosure crisis, and they dint want history to repeat itself when the foreclosure moratorium is lifted.
He also said that the pandemic ruined the economy, resulting in a large number of people around the state are on the brink of losing their homes.
So the New Jersey Foreclosure Prevention Act will break the wave of foreclosures, and keep families in their homes.
Because of the perennial housing crisis throughout the state of New Jersey, there are many foreclosed vacant residential properties that are reducing the health, safety, and economic vitality of neighborhoods.
So, the redevelopment of currently vacant properties due to foreclosures will also be taken up by The New Jersey Residential Foreclosure Prevention Program
Reference Source: Insider NJ
