As foreclosure rates in New Jersey break records, one area community is trying a new program to keep people in their homes.

Burlington City, a town of 9,000 people on the Delaware River, is working with a $25 million investment fund that plans to buy up mortgages in danger of collapse. Fund managers plan to become the lender and work out deals with distressed homeowners, according to DeForest “Buster” Soaries, who heads the Central Jersey Community Development Corp. in Somerset, which is running the program in New Jersey.

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