Charles Richman with the New Jersey Housing and Mortgage Finance Agency says the state is setting aside $1 million to provide counseling assistance to homeowners.
“That million dollars ought to carry us through 17 to 1,800 families,” Richman said. “If you can get to mediation early, the amount of debt they may own is manageable. If they wait for that whole process to cycle though, and it takes several years often, the debt is so high there’s no way to ameliorate it. The key is the first 60 days.”