Posts Tagged ‘mortgage’

New Program from NJ Housing and Mortgage Finance Agency to help those facing foreclosure

Wednesday, May 4th, 2011

New Jersey HomeKeeper Program

Many people have felt the impact of the recession due to unemployment or underemployment. You may be asking, what is being done to help? New Jersey Housing and Mortgage Finance Agency has announced a new program to help those at risk of losing their home. The program is called New Jersey HomeKeeper and it will be available starting May 9, 2011.
New Jersey HomeKeeper is a program funded through a federal grant from the United States Treasury’s Hardest Hit Fund awarded to States most impacted by unemployment and underemployment. The HomeKeeper offers help to New Jersey homeowners who may be facing foreclosure as a direct result of unemployment or underemployment.

The Homekeeper Program is designed to assist the homeowner with mortgage assistance payment and/or arrearages to prevent an occurrence of foreclosure on the home. The program provides financial assistance to qualified homeowners in the form of a 0% interest rate, deferred-payment second mortgage loan. The loan proceeds may be used to cover arrearages and/or a portion of the homeowner’s monthly mortgage payment, including property taxes, property insurance, and mortgage insurance. Homeowners may be eligible for up to $48,000 in assistance for a period of up to 24 months.

If a homeowner sells or refinances their home within the first five years of the closing date of the HomeKeeper mortgage loan, the full amount of the loan will be due and payable upon the sale, transfer or refinance of the property (except for a lower rate/term refinance) or, if the homeowner ceases to occupy the property as his/her primary residence. However, after the fifth year, the HomeKeeper mortgage loan amount would be forgiven 20% per year, to be forgiven in full at the end of the tenth year.

You may be eligible for the Homekeeper program, if within the past 12 months, through no fault, decision or personal circumstance of your own, you or your spouse or civil union partner fall into one of the following category:

  • Became unemployed which caused you to fall behind on your mortgage. You are receiving or are eligible to receive unemployment compensation
    benefits and may have at least 12 more weeks of benefits remaining.
  • Became underemployed (a drop in income of at least 25% from prior or existing employment income) which caused you to fall behind on your mortgage.   
  • Became unemployed or underemployed. While you have stayed current with your mortgage payments thus far, you have not yet regained enough income/resources to continue paying on time for much longer.
  • Became unemployed or underemployed.  You have since regained enough income to pay the mortgage but you need help covering the arrearages that accumulated during the unemployment/underemployment period

To apply for Homekeeper assistance you will need to apply online using a computer with internet access.  The online application(available May 9th) contains all of the information that you will need to begin your application for assistance, with step by step instructions and prompts to help you.

If you do not have access to the internet from your residence, public computers can be found throughout many communities at public libraries, educational centers and One Stop Career Centers.

For more information or to apply visit: www.njhomekeeper.gov

Resources for assistance with foreclosures, credit and debt problems

New Jersey Housing and Mortgage Finance Agency

1-800-654-6873

www.nj-hmfa.com

Novadebt – A Garden State Consumer Credit Counseling Agency

1-800-992-4557

www.novadebt.org

Consumer Credit and Budget Counseling, Inc.

1-800-792-0270

www.cc-bc.com

To find a One Stop Career Center in your County, contact your County Office on Aging, see list on our website at www.njfoundationforaging.org/services.html

Do you know how much you need to retire in New Jersey?

Wednesday, March 17th, 2010

A recent survey by the Employee Benefit Research Institute reports that 43% of workers say they have less than $10,000 in savings. The annual survey, Retirement Confidence Survey, included 1,153 respondents age 25 and older who were employed or retired. 27% indicated they had less than $1,000 in savings. On top of that 24% reported that they had to delay retirement. The survey did not account of the value of homes or defined-benefit pension programs.

They also found that only 69% of workers have reported saving for retirement. Research Director and co-author of the survey, Jack VanDerhei stated that the current economic situation is not the only factor, but that people don’t plan soon enough. The survey also reveals that only 46% of respondents attempted to calculate how much money they’d need in retirement, meaning over half of the respondents have not even begun calculating what they’ll need to retire.

 Planning for retirement sooner rather than later seems like a good idea. But where do you start? It can be a difficult and overwhelming task. You may need to consult a financial planner, but you can also start by looking at the NJ-Elder Economic Security Index.

The NJ Elder Index can help to determine how much an individual will need to retire in your community. This is because the Index shows the cost of living for someone over 65 in all 21 counties in NJ. It is comprised of the costs of housing, food, transportation, healthcare and a miscellaneous category. The Index also reflects the expenses of renting versus owning a home and also the difference in having mortgage or not. The data is also shown for singles as well as couples in each county.

The Statewide Index shows that a single renter in New Jersey needs $25,941 to meet their basic expenses, while a single homeowner with a mortgage would need $33,570. Some findings may point to key elements for retirement planning. Notably, those 65 and over with a mortgage could be paying twice as much as someone who does not have a mortgage. Housing is the biggest expense in an elder’s budget with healthcare being a close second.

An important contact for Seniors to learn about local resources is their county Office on Aging. To find the Office on Aging in your county visit, http://www.njfoundationforaging.org/services.html

Knowing what some of the costs are can help, but certainly the recent difficult economy has had an impact on the ability to save for retirement. Many New Jerseyans are struggling to make ends meet, let alone save for the future.

To view information from New Jersey Elder Economic Security Index follow the links below. If you have questions or need more information, contact us at office@njfoundationforaging.org or 609-421-0206.

Elder Index

Policy Brief

County Fact Sheets