Eligible homeowners may apply by calling 888-989-5277
By Linda Seida, Staff Writer
LAMBERTVILLE — Lambertville officials don’t have the statistics to say how many citizens are facing foreclosure, but in nearby areas, there is anecdotal evidence families are coming to the end of their financial ropes.
Some parents of West Amwell Elementary School students have lost their jobs. Tensions are mounting in their homes as they figure out how to pay the bills.
When they drop their children off at school, they ask teachers to “please look out for my kids,” Board of Education President Cynthia Magill said. They have said, “Things are rough at home. If they are acting out, we want you to know what’s going on.”
Lambertville Councilwoman Elizabeth Asaro noted the numerous layoffs that are occurring.
”I don’t know if this is yet an issue in Lambertville,” she said of the increasing number of foreclosures. “However, given the growing economy issues and how quickly these things can escalate, I wouldn’t doubt foreclosures could come to town. What I know anecdotally is that the major employers in our area are having layoffs, for example, Merrill Lynch and AT&T.”
Ms. Asaro wants homeowners who are in danger of losing their homes to be aware of a new and free state program that can help them save their homes.
The Foreclosure Mediation Program began Jan. 5. Its goal is to help homeowners avoid foreclosure by proposing work-out and payment arrangements.
The number of foreclosures in New Jersey more than doubled in two years, according to the program’s figures. Foreclosures topped 50,000 in 2008. In comparison, there were slightly more than 35,000 in 2007 and less than 25,000 in 2006.
Homeowners must meet certain criteria to qualify for the program.
A homeowner must not be in bankruptcy. If the homeowner has filed for bankruptcy, the petition must be discharged or dismissed, or the bankruptcy stay must have been lifted.
The property must be a one- to three-family residential property.
The property must be the primary residence.
The homeowner must be the borrower.
Qualified homeowners will receive help from housing counselors, attorneys and a neutral mediator with the aim of reaching “a voluntary and amicable solution.”
The program is a partnership of the state Judiciary, the Office of the Attorney General, the Housing and Mortgage Finance Agency, Legal Services of New Jersey, the Office of the Public Advocate and the Department of Banking and Insurance.
Eligible homeowners may apply by calling 888-989-5277.
If the hotline is busy because of heavy call volume, visit www.LSNJLAW.org/foreclosure and complete the online form.
All submissions are responded to in the order they are received.
Homeowners will be required to complete and return a financial worksheet.
Additional resources, including contact information for the Homeownership Preservation Foundation, also can be found at the Web site: http://www.nj.gov/foreclosuremediation/index.html.

