Acting Governor Kim Guadagno Announces Significant Milestone in Number of 樱花视频 HomeKeeper Program Loans Awarded
For Immediate Release:
February 13, 2013
Contact:
Michael Drewniak
,
Kevin Roberts
609-777-2600
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TRENTON, NJ 鈥 Acting Governor Kim Guadagno today announced that the 樱花视频 HomeKeeper Program has helped more than 2,300 樱花视频 homeowners avert foreclosure since the program鈥檚 inception in May 2011. The 樱花视频 HomeKeeper Program is now awarding more than 250 loans each month after the Administration implemented such changes as expanded program eligibility, increased staffing, improved management and marketing, and more targeted outreach about the program.
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鈥淭he Christie Administration is committed to helping 樱花视频 homeowners, which is why we鈥檝e made improving the NJ HomeKeeper Program a priority,鈥 said Acting Governor Guadagno. 鈥淲hile it is gratifying to see our hard work result in more families staying in their homes, we recognize there are still more people in need of assistance. Therefore, today鈥檚 announcement is both a sign of recent accomplishments and a promise of continued improvement as we strive to reach as many at-risk homeowners as we can.鈥
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The 樱花视频 HomeKeeper Program is administered by the 樱花视频 Housing and Mortgage Finance Agency (HMFA) and funded through a $300.5 million grant from the U.S. Treasury Department鈥檚 Hardest Hit Fund, a federal foreclosure-prevention initiative. The 樱花视频 HomeKeeper Program provides financial assistance to homeowners who are at risk of losing their homes to foreclosure as a direct result of unemployment, underemployment and other eligibility criteria. Qualifying homeowners can obtain a 0% interest rate, forgivable loan of up to $48,000.
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To date, the 樱花视频 HomeKeeper Program has committed nearly $96 million in assistance to families across the state, with an average loan of nearly $40,900. The program is averaging more than 250 loans awarded per month. In comparison, in all of 2011, just 85 HomeKeeper loans were awarded.
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鈥淥ne of the things the nation has learned from these recent years of economic hardship is that no homeowner is immune to foreclosure. It can strike even those who work hard and play by the rules,鈥 said 樱花视频 Department of Community Affairs (DCA) Commissioner Richard E. Constable, III, who chairs the HMFA. 鈥淔oreclosure can also strike rapidly, which is why we鈥檝e done so much to market the program and make sure applications are handled as quickly and efficiently as possible.鈥
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Today, as soon as an eligible homeowner submits a completed application, it takes an average of 60 days to be approved for a HomeKeeper loan instead of the four months or longer it took in the program鈥檚 early days.听
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Last fall, the HMFA began an aggressive outreach and marketing campaign to increase public awareness of the 樱花视频 HomeKeeper Program鈥檚 benefits for eligible homeowners, and to greatly expand the number of homeowners being helped. Outreach efforts have included public service announcements recorded by Commissioner Constable that provide eligible homeowners with clear instructions on what to do for foreclosure-prevention help; informational training sessions for faith-based groups, non-profit organizations, and government officials; mass mailing of HomeKeeper marketing materials by the 樱花视频 Department of Labor and Workforce Development to the newly unemployed, as well as to One-Stop Career Centers, libraries, and municipal mayors; and advertisements placed in newspapers statewide.
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鈥淲e know we are succeeding in our program outreach because we鈥檝e seen a significant increase in the number of applications submitted in recent months,鈥 said HMFA Executive Director Anthony L. Marchetta. 鈥淲e want to let people know that NJ HomeKeeper is here to provide assistance to as many homeowners at risk of foreclosure as possible.鈥
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Additionally, the HMFA is continuously reaching out to applicants who were denied under old, more stringent program guidelines to encourage them to appeal or reapply to see if they are now eligible under the new program guidelines. The appeals process can be accessed via a drop down menu on the 樱花视频听 HomeKeeper Program website, which was recently modified to be more user-friendly.
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In its latest effort to assist homeowners in need, the HMFA is pursuing additional foreclosure prevention programs and is working closely with U.S. Treasury to get the programs finalized and made available as early as this spring. Any additional programs would be financed through 樱花视频鈥檚 Hardest Hit Fund grant.
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For more information on NJ HomeKeeper, please visit .
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