Foreclosure Resources
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Foreclosure Resources
Consumers, New Jersey Association of REALTORS®

Foreclosure Resources

Federal Mortgage Aid Programs Available

President Bush's administration introduced initiatives to aid homeowners reaching delinquency status on their mortgages. Introduced on February 12, 2008, "Project Lifeline" will allow a 30-day suspension on the foreclosure process to provide an opportunity for homeowners to explore more affordable loan terms. Six major lenders have signed on to take part in the plan.

The private-sector HOPE NOW Alliance, which was created in late 2007, includes aid from lenders, investors and nonprofit groups. It develops resources to help at-risk homeowners in the subprime mortgage market. Click here for more information on both initiatives.

Throughout the country, reports of abusive and predatory lending practices escalated in 2007 and many of New Jersey's families had to make difficult decisions regarding their housing and mortgage situations. This page contains resources for mortgage holders and those shopping for a mortgage.

If you are currently a mortgage holder and you are having difficulty making your payments, first consult your lender or loan officer to explore options other than foreclosure, such as forbearance or refinancing.

The New Jersey Department of Banking and Insurance (DOBI) conducted a series of community forums throughout the state to offer information to help consumers avoid foreclosure scams and maintain good credit.

DOBI has also set up a hotline at (800) 446-7467 for mortgage holders to call if seeking guidance on risky mortgages. Other options to consider going forward are to contact a credit counselor, housing counselor or an attorney.

Below are resources with information on improving credit and avoiding foreclosure.

Consumer Alert from DOBI

Credit Repair: Self Help May Be Best from the Federal Trade Commission

Foreclosure Resources from the Federal Reserve

How You Can Avoid Foreclosure and Keep Your Home, from the Federal Housing Administration

Tips for Avoiding Foreclosure from HUD

Mortgage Resources

It is important for home buyers to educate themselves about risky mortgages and seek information in order to protect themselves against predatory lending practices. In addition to the resources from the NATIONAL ASSOCIATION OF REALTORS® (NAR), below are a few resources and tips from various government agencies concerning mortgage options:

A Homeowner's Guide to Subprime from the New Jersey Department of Banking and Insurance (DOBI)

Consumer Alert from DOBI

Don't Be a Victim of Loan Fraud brochure from the U.S. Department of Housing and Urban Development (HUD)

NJ Home Ownership Preservation Effort


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