Published: May 20, 2013
By Tom De Poto

The state Housing Mortgage and Financing Agency yesterday said it will make nearly $1.1 million in federal money available to provide more foreclosure prevention counseling.

The funding is part of a National Foreclosure Mitigation Counseling program, which last month announced $70 million in grants to 30 state housing finance agencies and other nonprofits.

“This funding is critically needed to help families facing foreclosure find the right solution,” said HMFA Executive Director Anthony L. Marchetta in a statement. “This money enables HMFA and its participating housing counseling agencies to continue to provide free and professional services to families who need mortgage assistance.”

There are about New Jersey 243,000 homes in preforeclosure, according to njlispendens.com, which tracks court filings.

“Foreclosure counselors all over the state have tremendous case loads,” said Nina Arce, spokeswoman for the Housing and Community Development Network of New Jersey. “These resources are very much welcome and we hope it’ll go a long way toward helping as many households as possible.”

Allie Reyes, of Newark-based La Casa de Don Pedro, said, “there’s no question there’s still a hugh need.” She said that last year the agency counseled about 475 homeowners who were facing or in the process of foreclosure, helping 110 get their mortgages modified, while guiding others through bankruptcy or debt-management programs.

According to NFMC, applicants requested almost $106 million. New Jersey received the eighth largest grant of the 30 states that applied.