Underwater mortgage owners were given a life raft earlier this year in the form of a Federal Assistance Program. The Emergency Homeowners’ Loan Program (EHLP) was extended to families at risk of foreclosure.
The program is designed to help homeowners that have experienced a significant reduction in income due to involuntary unemployment or underemployment. The program focuses on those that have suffered financial hardships due to unavoidable economic conditions or medical issues. Those that qualify may be eligible to obtain an interest-free loan up to $50,000 or 2 years worth of mortgage payment assistance.
The deadline for EHLP applications was set for July 27th of this year. However, the U.S. Department of Housing and Urban Development extended the application process in 27 states to September 15 of 2011.
Anyone seeking help with their mortgage payments and are at risk of foreclosure are urged to get their applications in before the September 15th deadline. The EHLP funds are granted on a first-come, first-serve basis and time is crucial. The EHLP is not available in all states and interest applicants should review the website at www.findhelp.com for details about participating states and the application process.