Get Paid to Renovate Your Home

Attention homeowners! The Pennsauken Township Abandoned and Vacant Property Initiative is offering up to $50,000 in mortgage assistance to qualifying homeowners. The New Jersey HomeSaver Program, administered by the New Jersey Housing and Mortgage Financing Agency, is sponsoring the program by creating solutions to high-interest mortgages held by individuals in Pennsauken. Their services include refinancing, foreclosure avoidance grants, reverse mortgage grants, and a variety of debt management and counseling assistance.

To be eligible, “homeowners must first meet specific criteria, such as having a first mortgage loan-to-value (LTV) ratio that is 115 percent or greater, and suffering a financial hardship (such as unemployment or a severe loss of income through no fault of your own) that has caused or will cause you to fall behind on your mortgage payment. You can find out about all of the necessary criteria and get more information on the entire program by visiting NJHomeSaver.com.” For those who do not qualify through the NJ HomeSaver Program, there are plenty of other options as well! HUD offers free services which present customized mortgage solutions to homeowners. Check out HUD’s Certified Housing Counseling for advice and tips on how to reduce your rates, budget information and refinance options. You can also look into “the New Jersey Housing and Mortgage Finance Agency [which] has compiled a list of such agencies in Camden County. For more information, visit http://www.twp.pennsauken.nj.us/content/abandoned-and-vacant-property-initiativeNJHousing.gov/foreclosure or call (800) NJHOUSE. There’s also the Stabilizing Urban Neighborhoods Initiative, or SUN for short. This program helps homeowners facing eviction or foreclosure repurchase their homes with mortgages they can afford. SUN is currently accepting applications in New Jersey. Homeowners can find out if they are eligible by calling SUN toll-free at (855) 604-4663 or by visiting SUNHomeHelp.org.”  http://www.twp.pennsauken.nj.us/content/abandoned-and-vacant-property-initiative

In addition to offering assistance to homeowners, the Pennsauken Township Abandoned and Vacant Property Initiative holds mortgage and maintenance companies more accountable for high interest rates and repairs. The township has also recruited a full-time representative who answers questions and follows up on requirements regarding the Pennsauken Township Abandoned and Vacant Property Initiative. If you would like more information regarding the ordinance, you can visit the township’s website or contact Tracey Howarth [(856) 665-1000 x145 or by e-mailing thowarth@twp.pennsauken.nj.us].

A full copy of the ordinance is available on Pennsauken Township’s site: http://www.twp.pennsauken.nj.us/content/abandoned-and-vacant-property-initiative