State of New Jersey to Give Homeowners FREE Money!

N.J. To Offer ‘Second Mortgages’ To Those Facing Foreclosure The state will begin offering second-mortgage loans of up to $25,000, with no monthly payments, to homeowners in imminent danger of losing their homes to foreclosure, under a bill signed today by Gov. Jon S. Corzine. The loans are designed to reduce monthly mortgage payments to an amount that the borrower can afford, and the amount... [more]

N.J. To Offer ‘Second Mortgages’ To Those Facing Foreclosure The state will begin offering second-mortgage loans of up to $25,000, with no monthly payments, to homeowners in imminent danger of losing their homes to foreclosure, under a bill signed today by Gov. Jon S. Corzine. The loans are designed to reduce monthly mortgage payments to an amount that the borrower can afford, and the amount contributed by the state would be matched by the holder of the first mortgage. The loans, to be administered by the New Jersey Housing & Mortgage Finance, would be repaid by the homeowner upon sale of the property, under the new program. “The deep recession has caused some New Jerseyans to lose their jobs and their ability to pay their mortgages, creating the all-too-inevitable march toward foreclosure,” Corzine said. The legislation (S-1599/A3506), called the Mortgage Stabilization and Relief Act, is a component of the governor’s Economic Assistance and Recovery Plan. To qualify, a homeowner’s household income cannot exceed 120 percent of the area median household income or the HMFA’s mortgage program income limits, which vary by county and are as high $135,380. http://www.njbiz.com/article.asp?aID=77023 Yeah, FREE money! This only means 1 thing! There is an election around the corner... [less]