The U.S. Department of Housing and Urban Development (HUD) announced last week, the launch of the Emergency Homeowner’s Loan Program (EHLP) to help homeowners who are at risk of foreclosure. This program is available in 27 states and is available to homeowners who have experienced a reduction in income due to:
- Involuntary unemployment.
- Underemployment.
- Economic conditions.
- Medical condition.
For those who qualify, they can receive:
- Interest-free loans.
- Payment of a portion of a monthly mortgage for up to two years, or up to $50,000, whichever comes first.
- Payment of a portion of monthly mortgage, including missed mortgage payments or past due charges including principal, interest, taxes and insurance.
HUD says EHLP is expected to help up to 30,000 distressed borrowers (that doesn’t sound like many to me since we are expecting to see 2 milllion people lose their homes this year) with an average loan of $35,000.
To be considered, you must apply by July 27, 2011 – To apply:
- Go to www.FINDEHLP.org for eligibility requirements and additional information.
- Complete Pre-Applicant Screening Worksheet.
- Or call 855-FIND-EHLP (855-346-3345).
Below are the 27 states where this program is available:
- Alaska, Arkansas
- Colorado, Hawaii
- Iowa, Kansas
- Louisiana, Maine
- Massachusetts, Minnesota
- Missouri, Montana
- Nebraska, New Hampshire
- New Mexico, New York
- North Dakota, Oklahoma
- South Dakota, Texas
- Utah, Vermont, Virginia
- Washington, West Virginia
- Wisconsin, and Wyoming and Puerto Rico.
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