NJ Homeowner Grants / Homeownership Preservation

New Jersey’s Emergency Rescue Mortgage Assistance Program (ERMA) will offer up to $75,000 per household to cover qualifying delinquent homeowner obligations and expenses:

• Mortgage payments, inclusive of principal, interest, taxes and homeowner’s insurance
• Reinstatement assistance
• Other housing related cost assistance including but not limited to:
  • escrow shortages
  • delinquent taxes
  • homeowner’s insurance payments
  • payments to lienholders who have advanced these delinquent payments during the homeowner’s COVID-19 related hardship

The ERMA program will focus primarily on bringing families negatively impacted by the COVID-19 pandemic current on their delinquent payments that may risk loss of homeownership.

The ERMA program also provides housing counseling at no cost to the consumer.  The program is administered by the New Jersey Housing Mortgage Finance Agency (NJHMFA). The NJHMFA has approved Consumer Credit and Budget Counseling (CCBC) to provide free counseling statewide.  

CCBC provides a holistic approach to housing counseling.  We will assess you not only for the Homeowner Assistance Program, which is part of the American Rescue Plan, but will assess you also for a Loss Mitigation workout plan (modification). The Emergency Rescue Mortgage Assistance Program is a short-term fix that will bring you current and the modification may be the long-term solution that preserves your homeownership

Consumer Credit and Budget Counseling, Inc is a nonprofit, HUD-approved, housing counseling agency that provides services to homeowners who are struggling to pay their mortgages and are possibly facing foreclosure.

As we review the available options that may be available to you, we will eliminate any option that will not work, or you do not want to pursue.

Retention Options:

• Apply for NJ’s Emergency Rescue Mortgage Assistance Program –Homeowner Assistance Fund (HAF)
• Apply for an in-house modification with or without our assistance.
• Apply for an FHA HAMP modification with or without our assistance.
• Contact your mortgage company about an FHA partial claim or a private mortgage insurance (PMI) advance claim.
• Apply for the NJ Foreclosure Mediation Program with our assistance if you a have docket number.
• Contact your mortgage company about repayment plan.
• Contact a mortgage broker about a refinance.

Non-Retention Options:

• Contact a real estate agent to assist you with a short sale and ask for “cash for keys”.
• Contact your mortgage company about a Deed-in-Lieu of Foreclosure and ask for “cash for keys”.

Other Options:

• Contact a bankruptcy attorney to determine if bankruptcy is an option for you.
• Consider a debt management program for your credit card debt.
• Contact us when you’ve found full time employment and have at least 30 days of paystubs

Contact your local social services office to apply for public benefits such as food stamps and energy assistance. Also, for energy assistance call your utility company directly. Call 211 for local community services. Senior citizens can visit www.benefitscheckup.org.