The Star Ledger published the following article on November 28, 2013. To read the full article, click here.
State to end program for homeowners fighting foreclosure as federal money nears end
By Tom De Poto/The Star-Ledger
on November 28, 2013 at 7:22 AMAfter a shaky start, New Jersey has disbursed more than two-thirds of the federal funds it received in 2010 as part of the Hardest Hit program to help prevent foreclosures and will soon end the program.
The state Division of Consumer Affairs reported it had distributed more than $206 million of the $300.5 million it received as one of the 18 states designated as Hardest Hit under the Troubled Asset Relief Program.
New Jersey funneled the money into the state’s Division of Consumer Affairs’ NJ HomeKeeper, a foreclosure program that targets the unemployed.
The DCA confirmed yesterday it will stop accepting applications by Saturday.
Tammori Petty, a spokeswoman for the agency, said $53.4 million remained to help homeowners avoid foreclosure. The remainder of the money had been directed toward administrative and educational purposes.
Petty said the program has assisted 5,068 homeowners who were in danger of losing their homes to foreclosure.
Since the program was launched in 2011, the agency received more than 12,200 applications. About 5,500 homeowners were denied aid for varying reasons, Petty said.