NJ ERMA is the New Jersey Emergency Rescue Mortgage Assistance program. This mortgage relief program is intended to help homeowners with COVID-19-related financial hardships keep their homes.
If you are eligible for ERMA, you could receive funds to help you make mortgage or fee payments to keep your home.
Dealing with mortgage issues or struggling with your financial obligations can be stressful. If you think you might be eligible for the emergency rescue mortgage assistance program, an experienced mortgage attorney can help you determine your eligibility.
Contact Joshua Denbeaux today to speak with a New Jersey attorney about your situation and your NJ ERMA eligibility.
How Does New Jersey’s ERMA Program Work?
NJ ERMA was developed by the New Jersey Housing and Finance Agency to federally allocate Homeowners Assistance Funds to help eligible homeowners whom COVID-19 has financially impacted.
Under the NJ ERMA program, you could receive up to $75,000 for housing expenses, including:
- Mortgage reinstatement
- Escrow shortages
- Delinquent property taxes and HOA dues/fees
- Municipal or property tax liens
- Mortgage payments, including principal, interest, taxes, and homeowner’s insurance
New Jersey recently increased this limit from $35,000 to $75,000. For homeowners struggling with their finances, this increase can be extremely helpful.
Eligibility for ERMA Funds
There are a few criteria you need to meet in order to be eligible for the NJ ERMA program. For this program, you must own an eligible property, which is a 1 – 4 unit primary residence. Secondary residences and investment properties aren’t eligible for NJ ERMA.
You must meet the household income limits to be eligible. NJ ERMA is only available for homeowners who have experienced a COVID-19-related financial hardship that began after January 21, 2020, and made them unable to remain current on mortgage payments.
Contact a Mortgage Attorney Today
If you’re unable to make your mortgage payments and think you may be eligible for NJ ERMA, working with an attorney can help you determine if you’re eligible.
There are other options that can help make your mortgage more affordable or help you pay your mortgage. If you’re not eligible for NJ ERMA, an experienced mortgage attorney can help you through your other options and decide what’s best for you.
Joshua Denbeaux is an experienced New Jersey mortgage attorney. Contact us today to learn more about your options to help make your mortgage more affordable.