Trenton offers mortgage relief for hurricane victims

Three years ago, the city of New Jersey was hit by a major hurricane that devastated the city and, with it, thousands of properties. The extreme force of this natural phenomenon left its owners with significant emotional difficulties and economic problems that, to this day, they have not been able to fully resolve.

By striking hard against homes, Hurricane Ida destroyed a large part of the housing, leaving them uninhabitable or with such extensive damage that even after three years, it has not been possible to repair them.

To give affected homeowners a breather or assistance, the administration approved a law that will allow people who have still not been able to recover from the aftermath of the hurricane to pause their mortgage payments for one year and, during this time, avoid having their homes enter the foreclosure process.

The mortgage relief measure seeks to prioritize helping all individuals who have been affected by the hurricane and urgently need legal protection that is effective and dignified to preserve their homes and not unexpectedly and overwhelmingly face a cruel foreclosure process on their property.

This new law aims to assist all those who were already part of the New Jersey state aid program. However, this time the law has included all those who were once rejected for being considered owners of a home located in flood-prone areas.

Likewise, this new regulation covers those who entered the assistance program for mitigation and those homeowners who need repair, reconstruction, or elevation work to make their homes dignified and fully habitable.

However, this law not only aims to prevent but also to stop the large wave of foreclosure processes currently underway. Therefore, anyone who wishes to and qualifies for the relief can request a suspension of the process in order not to lose their home, provided they demonstrate a just and real cause for their noncompliance.

Thanks to this new mortgage relief law, homeowners will have hope of preserving their homes and will be able to count on institutional support for protection and the help they have been seeking.

Available foreclosures:

Trenton: 3,715 homes available.

By Elías DaSilva | 04 de Noviembre de 2024.