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New Jersey Foreclosure and Mortgage Help
Homeownership Preservation Refinance Program (HPRP)
This New Jersey mortgage and foreclosure assistance program offers a very affordable financing alternative to those homeowners in New Jersey that have a mortgage that they can no longer pay, and that is not realistic for their current situation.
The New Jersey HPRP program offers a new, 30 to 40-year mortgage at a fixed, low interest rate for the life of the loan. yes, both 30 year and 40 year mortgage loans are available so that many situations can be covered. The assistance program also helps those in need by providing budgeting skills, financial counseling, and one on one mortgage advice. The goal is to provide counseling to New Jersey families to help them with paying bills. In addition, closing cost assistance and other financial aid is available to all families earning up to 140% of area median income. To be qualified for this program, the maximum allowable household needs to be less than $134,000 per year.
The new mortgage provided by New Jersey can be equal to 100% of the appraised value of your house, or even over 100% if you decide to or need to include private mortgage insurance in the loan amount.
This program is not for everyone. You can be eligible for this mortgage help if you have experienced a financial emergency, or some other type of hardship, or if your mortgage payment has increased due to terms out of your control such as an interest rate reset. You must also have been denied a mortgage modification from other sources.
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