NJ to get $112M to help struggling homeowners

An auction sign is posted at a house under foreclosure in East Palo Alto, Calif., Thursday, June 5, 2008. Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis' mounting damage to homeowners and the economy. (AP Photo/Paul Sakuma)

September 24, 2010 5:41:03 AM PDT
New Jersey has been awarded $112 million in federal funding to help struggling homeowners facing foreclosure.

The award was announced by Gov. Chris Christie's administration Thursday.

Starting in 2011, unemployed and underemployed homeowners can apply for help through the New Jersey Home Keeper program.

The program will provide a zero percent interest rate and deferred-payment mortgage loans to homeowners in danger of losing their homes through no fault of their own.

The program also allows time for homeowners to seek re-employment or complete job training programs, and will help with mortgage back-payments accrued due to lost employment income.

Christie's office says the program will help an estimated 2,500 to 4,000 households.

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