This guide is designed to help anyone who is facing foreclosure or is currently having difficulties meeting their mortgage obligation.

The following advice comes from the New Jersey Home Ownership Preservation Effort (NJHOPE) website:
“Families and communities across New Jersey are facing mounting difficulties as a result of the boom in sub-prime mortgage lending.  If you are having trouble paying back your mortgage, help is available.  Do not be embarrassed.  Do not panic.  But most importantly, do not do nothing.  If you are having trouble with your mortgage payments,contact your mortgage lender.  Do not ignore your lender’s letters and phone calls.  Do not wait! Your financial future is worth a phone call.”

New Jersey Websites

The NJ HOPE alliance is a collaborative effort to enhance homeownership preservation in New Jersey. It’s a voluntary public/private alliance of government agencies, not-for-profit organizations, and financial institutions. Their website helps residents of New Jersey to understand what type of mortgage they have, the terms of their loan, when the interest rate on their mortgage is going to reset and what steps they need to take to resolve their mortgage problems. 

Help for the following situations may be found on the NJ HOPE website:

• I can no longer pay my mortgage and my lender cannot help me! http://www.state.nj.us/dobi/njhope/counselors.html
  A list of financial counselling organizations.
• I am about to lose my home!
  www.state.nj.us/dca/hmfa/foreclosureprevention_resources.pdf
  An overview of programs and foreclosure prevention resources.
  www.state.nj.us/dobi/division_consumers/finance/foreclosure_subprime.html
  Links to a number of state programs for homeowners facing home mortgage foreclosure.
  www.nj.gov/foreclosuremediation/index.html
  Provides details on the Foreclosure Mediation Program. A homeowner can apply directly for state funded mediation via this link.
• I think I have been a victim of predatory lending!
  http://www.state.nj.us/dobi/njhope/predatorylending.html
  File a complaint with New Jersey Department of Banking and Insurance (NJDOBI) by calling 1-800-446-7467. Also Contact the Legal Services of New Jersey (LSNJ) at 1-888-576-5529. 
• Can I refinance?
  http://www.state.nj.us/dobi/njhope/assistanceprograms.html
  A list of banks that may offer a variety of borrower assistance programs is available at the West Orange Library Reference Desk. New Jersey Housing and Mortgage Finance Agency has also developed a Homeownership Preservation Refinance Program (HPRP) to provide an affordable financing alternative to borrowers whose current mortgage is no longer suitable for their financial situation. Phone:. 609-278-7400 or visit www.state.nj.us/us/dca/hmfa
• I would like to buy a home.
  The New Jersey Housing Resource Center (NJHRC) is designed to help all residents of New Jersey by providing two services:  a free online, housing information clearinghouse - whether you are looking for housing with accessibility features or affordable or market-rate housing, the NJHRC can help you; and a searchable registry of affordable for-rent and for-sale housing.
• Mortgage Calculator www.mortgageloan.com
• If you are in foreclosure! Check out www.nj.gov/dca/codes/lt/table_of_contents.shtml
 
• To learn more about homeownership or to find an affordable home to rent or purchase go to http://www.state.nj.us/nj/community/housing/ and/or www.njhousing.gov and follow the links.
  
• For general information about New Jersey Housing check out:http://www.state.nj.us/nj/community/housing/

Federal Government Websites

U.S. Department of Housing and Urban Development (HUD)
http://www.hud.gov/
451 7th Street S.W., Washington, DC 20410 Phone: (202) 708-1112   TTY: (202) 708-1455
Get official information on grants, loans, financial aid, and other benefits. This agency offers guidance on home buying, renting, reverse mortgages and default and foreclosure prevention.

HUD Recovery Act
www.hud.gov/recovery
There are direct links to fact sheets on community planning and development programs and homeless prevention.

New Jersey HUD Office
http://www.hud.gov/local/index.cfm?state=nj
One Newark Center
1085 Raymond Boulevard, 13th Floor
Newark, NJ 07102-5260
Phone: (973) 622-7900

Federal Housing Administration (FHA)
The Federal Housing Administration insures home mortgages and is part of the U.S. Department of Housing and Urban Development. Visit the HUD website or phone 1-800-CALL-FHA (800-225-5342) The FHA has recently acquired both Fannie Mae and Freddie Mac in order to stabilize the home loan market.

Fannie Mae The Federal National Mortgage Association a stockholder-owned corporation chartered by Congress in 1968 as a government sponsored enterprise which functions as an intermediary in the U.S. secondary mortgage market. Fannie Mae ensures that funds are consistently available to the institutions that lend money to home buyers.

Freddie Mac
The Federal Home Loan Mortgage Corporation was created to expand the secondary market for mortgages in the US. Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market. This increases the supply of money available for mortgage lending and increases the money available for new home purchases.

Other Organizations: To keep up to date with the latest government initiatives see: www.hud.gov/news/
Need government help? Get official information on grants, loans, financial aid, and other benefits from the U.S. government. www.usa.gov/Citizen/Topics/Benefits.html

If you need immediate assistance then try the Consumer Credit Hotline service: https://onlinecounsel.cccsatl.org/scripts/IntroH.asp

You can also check Homeownership Preservation Foundation website: www.995hope.org or call 888-995-HOPE.

12/11/2008 MS