Friday, January 02, 2009
First Aid for Homeowners
The number one resolution for many this year will be getting our financial house in order. If making your mortgage payments is becoming problematic, the place to look in New Jersey for help is the
Homeownership Preservation Refinance Program. HPRP is an affordable financing alternative to borrowers whose current mortgage is no longer appropriate for their current financial situation. The program provides a 30 or 40 year mortgage loan that is fixed at a low interest rate for the life of the loan. Both 30 year and 40 year loans are available. The HPRP program provides one on one mortgage and financial counseling to help with bills, closing cost assistance, and aid is available to all families earning up to 140% of area median income.
The loan provided can be equal to 100% of the appraised value of your house or 103% of the appraised value if you include private mortgage insurance in the mortgage loan.
You may be eligible for this assistance if you have recently experienced a financial hardship because your mortgage payment has increased due to terms such as a rate reset, and if you have been denied a mortgage modification.
You can also locate additional assistance programs offered by the state of New Jersey that can help you with paying many other types of bills and debt.