New Jersey homeowners struggling to pay their mortgage or property taxes can apply for up to $35,000 in aid when the state opens its application portal on Feb. 8.
Homeowners negatively affected by COVID-19 can visit njerma.com to apply for a piece of the state’s $325 million Emergency Rescue Mortgage Assistance Program. The program can cover mortgage principal and interest, taxes, homeowner’s insurance, reinstatement assistance, escrow shortages or payments to lienholders, according to the Housing and Mortgage Finance Agency, which is administering the program.
The assistance will be in the form of a subordinate lien that is forgivable after a three-year loan term. Families must repay the assistance they received if they sell their home or receive cash back from refinancing within three years.
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