Tuesday, July 5, 2011

Emergency Homeowners Loan Program EHLP (EHLP is on the way!)

Facing foreclosure or know someone who is? The Department of Housing and Urban Development has a new program that is designed to provide eligible homeowners with up to $50,000 in an interest free loan to be used to help catch up on past due payments, delinquent taxes, unpaid mortgage insurance, etc. According to the HUD website, the program is designed to assist homeowners who have lost at least 15% of their income due to job loss, decrease in wages, medical emergency or other factors due to the economy. Applicants need to be at least 3 months behind in their payments and the mortgage must be on their primary residence. Other restrictions include income limits, mortgage cost burden, and the ability of the borrower to resume payments. More information on restrictions, application process and deadlines can be found at www.nw.org under the Foreclosure Resources tab. The website indicates that the preapplication deadline is July 22.
Susie Genet
Chinowth & Cohen Realtors

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