This was announced by Governor Phil Murphy $ 10 million of the Federal Rescue Plan of America Act of 2021 will be allocated to prevent ransom and help communities and residents across the state. Across the country, the financial impact of COVID-19 on homeowners could lead to the same, if not greater, loss of individual homes than that observed during the 2007-2009 recession.
The Murphy administration plans to use these funds to purchase non-performing mortgage bonds from the Federal Housing Authority prior to the foreclosure process. If the homeowner occupies the property, efforts will be made to assist the homeowner. If the property has been abandoned, steps will be taken to obtain ownership, complete the necessary rehabilitation and return the home to the single-family market.
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