By KIMBERLEY HAAS
Eligible homeowners in New Jersey can receive up to $35,000 to help protect themselves against foreclosures.
Officials at the New Jersey Housing and Mortgage Finance Agency have opened an application portal for the Emergency Rescue Mortgage Assistance program.
The money, which comes in the form of a three-year forgivable loan with no interest or payments due, can be used for the following:
-Mortgage reinstatement
-Escrow shortages
-Delinquent property taxes
-Municipal or property tax liens
-Mortgage payments, including principal, interest, taxes, and homeowner’s insurance
To qualify for assistance, a homeowner must:
-Own and occupy an eligible one- to four-unit primary residence
-Have been current on mortgage and property taxes as of January 2020
-Have experienced a COVID-19 related financial hardship, and have been unable to remain current on mortgage payments
-Meet household income limits
According to the Mortgage Reinstatement Guidelines, incomes must be equal to or less than 150% of the area median income, consistent with Treasury guidance.
A reduction of income or increased household expenses by at least 10% must be proven.
Homeowners may not have liquid assets – excluding retirement assets and education savings plans – equal to or greater than the amount of their approved program assistance.
Payments will be made directly to the lender or server, according to the guidelines.
Mortgage payment assistance will have the same financial criteria, according to the guidelines.
For the past four years, New Jersey has topped the list of states where residents moved out, according to a study by United Van Lines.
The study, which used data from migration patterns of United Van Lines customers, showed that Americans moved to lower-density areas to be closer to their families in 2021.
Vermont and South Dakota had the highest inbound migration, at 74% and 69%, respectively. South Carolina (63%), West Virginia (63%), and Florida (62%) also had high inbound migration rates.
According to the Mortgage Bankers Association’s National Delinquency Survey, delinquencies fell in the fourth quarter of 2021.
The delinquency rate for mortgage loans on one- to four-unit residential properties decreased to a seasonally adjusted rate of 4.65% of all loans outstanding at the end of the fourth quarter, according to a press release.
Marina Walsh, MBA’s Vice President of Industry Analysis, said, the quarters right before the COVID-19 pandemic represented some of the lowest delinquencies ever recorded in America.
“Delinquencies are now approaching levels not seen since the first quarter of 2020, which is a testament to the strength of the U.S. labor market,” Walsh said in a statement.
Email story ideas to Editor Kimberley Haas: [email protected]