On May 9th, 2011 The New Jersey Department of Community Affairs announced a new foreclosure program for local residents, The New Jersey HomeKeeper Program. “The New Jersey HomeKeeper Program is here to assist homeowners who are struggling to make their mortgage payments because they lost a job or have seen their paychecks reduced,” said New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa. Now more than a year and a half later one has to wonder how true this statement really is.
How many families have received assistance from the $300 million program? According to the blogging on zillow, residents are having a hard time finding a phone number to contact anyone at the HomeKeeper Program. The website requests you fax in your financial documents and they will be in contact. Don’t hold your breathe. Out of $300 million given to New Jersey to help struggling home owners, less than $4 million in aid was actually given out. Over 2000 New Jersey Families have applied and been denied financial assistance and 498 families have actually received financial assistance, according to WABC reporter Jim Hoffer.
New Jersey currently suffers the second-highest foreclosure rate in the nation, according to the Mortgage Bankers Association. With little help for its homeowners one would expect just this . Now the real question is Why should you care? Well as a New Jersey Homeowner, eventually the market will get hit by these foreclosures in the pipeline. As basic economic 101 teaches as the market becomes flooded with foreclosures and supply goes up, then demand goes down. Which means prices go down. My advice is to visit the HomeKeeper Program website, understand what it is , why it is not working and contact your congressman and let him know that you are concerned.
If you are a New Jersey Homeowner who would like to consider all their options and need assistance, I can be reached directly at 973-489-7916, or on the web below: