3-FMAP Slide Presentation.pdf

FMAP - Foreclosure Mediation Assistance Program

SINGLE FAMILY MORTGAGE PROGRAM OVERVIEW

NJHMFA is pleased to announce updates to the FMAP and the FMAP Online Application.

What is FMAP?

FMAP is a housing counseling program originally designed to provide foreclosure prevention housing counseling and documentation assistance to enhance the NJ Judiciary Foreclosure Mediation Program (“Mediation Program”) administered by the Superior Court Clerk’s Office, Office of Foreclosure.

FMAP – Foreclosure Mediation Assistance Program

What is the Mediation Program?

The Court’s Mediation Program, aka the NJ Judiciary Foreclosure Mediation Program, utilizes mediators to facilitate communication and document exchange between homeowners and lenders to find a sustainable long-term solution for those in danger of losing their home to foreclosure.

Instructions and documentation necessary for qualification for the Mediation Program can be found at https://www.njcourts.gov/sites/default/files/forms/11270_hud_njhmfa_borrow er_instruct.pdf.

https://www.njcourts.gov/sites/default/files/forms/11270_hud_njhmfa_borrower_instruct.pdf

So What are the Updates to FMAP – The Program

On January 24, 2022 pre-foreclosure counseling was added to FMAP services through legislation as a permanent service, allowing counseling services for those who may not be qualified by the Court to enter their Mediation Program, but may still be in danger of foreclosure.

On July 20, 2023, legislation was signed by the Governor to include the provision of rental counseling services in the case of a declared State of Emergency.

The fees have been updated to reflect current market standards.

When does the production period for the updated FMAP begin?

The performance start for this phase of the FMAP Program is October 1, 2023.

Only clients with intake dates on or after that date will be reimbursed under this contract. Any client files with intake dates before that date will denied under this contract.

SINGLE FAMILY MORTGAGE PROGRAM OVERVIEWFMAP – Foreclosure Mediation Assistance Program

What is the role of the Housing Counselor in the Mediation Program?

FMAP provides trained foreclosure prevention housing counselors to deliver foreclosure prevention services and assist in completing the necessary mediation documentation, Services include negotiating with Lender when necessary, preparing a budget, alternate loan options or a transition from homeownership to a rental alternative.

What is the role and duties of the Housing Counselor for the homeowner who does not qualify for Mediation?

The HUD certified housing Counselor must have the ability to deliver foreclosure prevention activities including but not limited to: Analysis of the client’s financial situation;

evaluation of the current value of the home that is subject to the mortgage; review of options such as lender in-house modifications that may include restructuring or refinancing strategies; and the approval of an action plan by all interested parties.

What is the role of the Housing Counselor in Rental Counseling under FMAP?

The housing Counselor should be familiar with tenant rights, standard lease forms and fair housing issues; be able to guide tenants through budget and credit repair; and provide eviction diversion and/or transition assistance, if necessary.

The counselor should also be aware of, and provide connection to, community resources and disaster recovery programs that may be initiated during a declared State of Emergency.

How do I apply for FMAP?

The Application and related documents may be obtained by visiting the Agency’s Procurement Portal at:

https://njhmfa.bonfirehub.com

All completed Applications must be submitted electronically through the Agency’s Procurement Portal. Questions must also be submitted electronically at:

https://njhmfa.bonfirehub.com https://njhmfa.bonfirehub.com/ https://njhmfa.bonfirehub.com/

How do I know if I am chosen to be a participant?

Once the application is completed, it will be reviewed by a panel of reviewers. If you are approved you will be sent a Contract for your Agency’s Executive Director to sign and return to our Procurement Division.

Questions & Answers

Borrower missed ne or more monthly mortgage payments.

Contact Information

Questions regarding Application Questions must be submitted electronically at:

https://njhmfa.bonfirehub.com

Program Questions Lisa Callahan lcallahan@njhmfa.gov https://njhmfa.bonfirehub.com/ mailto:lcallahan@njhmfa.gov