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New Jersey spends more to counsel those facing foreclosure

Last month the New Jersey Housing Mortgage and Financing Agency (HMFA) made an important announcement. More than $1 million in federal dollars will soon be spent counseling homeowners facing foreclosure. This counseling will be primarily preventative in nature in order to better ensure that more New Jersey residents struggling with their mortgages can keep their homes.

The executive director of New Jersey's HMFA recently explained that "This funding is critically needed to help families facing foreclosure find the right solution. This money enables HMFA and its participating housing counseling agencies to continue to provide free and professional services to families who need mortgage assistance."

For many of the owners of the 243,000 New Jersey homes currently classified as pre-foreclosure, this counseling will not be enough alone to help them through their financial difficulties. Many will require loan modifications, partial loan forgiveness through various means and/or will need to file for bankruptcy protections in order to get back on their feet.

However, New Jersey and the federal government's commitment to making more foreclosure counseling funds available is certainly a step in the right direction for New Jersey residents. It is critical that residents of all income levels have access to basic counseling designed to inform them about their potential options.

When homeowners are overwhelmed by debt and threats of foreclosure have begun, it is important to seek assistance. An experienced bankruptcy attorney can walk you through the legal avenues open to you and help you find the best solution for your unique situation. Acting quickly can help you ensure that you have the best chance possible at keeping your home.

Source: NJ.com, "State to boost counseling for homeowners facing foreclosure," Tom De Poto, May 20, 2013

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