From the Courier Post:
Program that will help unemployed and underemployed homeowners make their monthly mortgage payments for up to 24 months, state officials said Thursday. Since 2006, foreclosures have jumped nearly 200 percent in New Jersey.
The governor’s office says the program will assist an estimated 2,500 to 4,000 households.
The New Jersey Home Keeper program will provide zero-interest, deferred-payment mortgage loans to homeowners who through no fault of their own are unable to make payments and are in danger of losing their homes to foreclosure.
The program allows time for the homeowner to seek re-employment or complete job-training programs.
Loans will be capped at $48,000 per household. The average assistance loan is expected to be $38,000, state officials said.
In a statement, Gov. Chris Christie said: “New Jersey homeowners have been hit hard by the national foreclosure crisis. Otherwise hard-working individuals who qualify deserve this support to get through the remainder of this recession while keeping their homes and family life intact.”