Does $325 million sound like a lot of money to you? Let me show you how deceptive that figure might really be.
How many homeowners do you think there are in the state of New Jersey? I just looked it up on Google, and Google tells me there are about 2.5 million homeowners in New Jersey.
Now let me tell you why I consider these numbers to be important.
New Jersey has gotten a lot of money from the federal government. And New Jersey is going to use that money to help New Jersey homeowners who have been having trouble paying their mortgage. So that's good news, right?
Here's more good news: It's not for sure yet, because the full details still have to be worked out, but it looks like New Jersey is going to help each homeowner pay their present mortgage and mortgage arrears up to a total of $48,000 per homeowner.
So that seems pretty good too, right?
I got very excited when I first heard about this program because I figured I was going to be able to help thousands and thousands of hard luck homeowners get a lot of "free money" from the state of New Jersey.
My excitement actually cooled down in the next day or two, and here's the reason. I did a simple mathematical calculation. I figured, OK, New Jersey has $325 million to spend, and they can give each homeowner up to $48,000 to help pay their mortgage. So I said to myself, what if every homeowner who needs help gets the full $48,000 in assistance? Then how many homeowners in the state of New Jersey could this program actually help?
So I turned on the calculator and divided $48,000 into $3.25 million. I must have made a big mistake the first time around because I came up with over 600,000 people, and that just didn't sound right.
Then I did the math again, and I was greatly surprised when I saw the result. I finally figured out that if everyone got $48,000, only 6770 homeowners would be able to participate in this great program.
Then I divided 6770 people into 2.5 million homeowners. I was amazed. If all this money is given to 6770 homeowners, and we have each homeowner getting the full $48,000, this $325 million program is only going to be enough money to take care of less than 1% of the New Jersey homeowners.
I still don't believe how these numbers.
The state of New Jersey is going to help homeowners pay for their mortgage arrears.
The state of New Jersey is willing to give people $48,000 if that's what they need.
And the state of New Jersey has $325 million to spread around to homeowners who are behind in their mortgages.
But wait just a minute. It sounds like we are talking about so much money, but when we do the mathematical analysis, the state of New Jersey is only going to help less than 1% of the New Jersey homeowners.
So what are the other 99% of the homeowner's in New Jersey homeowners going to do?
At first glance, it sure looked like a great program that was going to help a lot of people. In reality, there is a limited amount of money for a limited amount of homeowners. I'm guessing the program is going to be first come, first served.
That is why I am writing this blog. I want to get the word out to New Jersey homeowners - if you want some of this money, get on the stick and file as soon as possible.
Here is a connection for you: There is a non profit consumer credit service that will be helping lots of people get this money. So if you want to increase your chances of getting this "free money", my suggestions are:
Don't waste time. Don't dilly dally around. Take action - take immediate action and act quickly.
Contact this non profit consumer credit service as soon as possible.
The details of the program may not be fully ready yet - I've been told everything might be ready by sometime in August, 2021.
Call this non profit consumer credit service at 609-390-9652. Hit extension 3110 for the main man - Russell.
Russell will be happy to put you on his list and get you in line to hopefully get money to pay your mortgage once the program is fully up and running.
Pray that you get $48,000 if that's what you need.
I wish you the best, and if there's anything I can do to help, you can email me at firstname.lastname@example.org
Seymour Wasserstrum, NJ Attorney at Law.
I've been licensed as a New Jersey attorney since 1973, and I fight for the underdogs against the big banks and the big mortgage companies. I like to think of myself as the Underdog Advocate.