REMINDER – Emergency Rescue Mortgage Assistance Program Opens Feb. 8 – New Providence

REMINDER – Emergency Rescue Mortgage Assistance Program Opens February 8

Beginning Monday, February 8, registration will open for a new Emergency Rescue Mortgage Assistance (ERMA) program from the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This is made possible by a $325 million injection from the Federal Homeowners Assistance Fund which is part of the US bailout. Under this new program, eligible homeowners can receive up to $35,000 to cover mortgage arrears, overdue property taxes and other overdue housing costs for those who have been negatively impacted by the pandemic. . It can help protect thousands of homeowners from foreclosures and neighborhoods from impacts.

Free housing advice will also be available through ERMA to help homeowners seek help and guide them through all available options, even working with their mortgage companies to get the best possible outcome. the ERMA Application Portal will open applications at 9 a.m. on February 8, 2022. Individuals can also call 855-647-7700 for assistance.

To qualify for the ERMA program, owners must be New Jersey homeowners with demonstrated financial hardship related to COVID-19 occurring after January 20, 2020; owning and occupying eligible principal residences; with an income below 150% of their regional median income (AMI).