Time is running out for families to take advantage of the latest federal program offering mortgage assistance. The Emergency Homeowner’s Loan Program (EHLP) is a federal aid program designed to help at risk homeowners facing foreclosure. The program is providing $1 billion in funding to over 27 states and the deadline for applications is July 22nd.
Help Is On The Way
The economy has provided some of us with tough skin, but many have been pushed past their limit. Many people have found themselves laid off from a job they held for years and, even worse, have a hard time finding new employment in this less than fruitful job market. The EHLP was designed to help people that are facing foreclosure due to the unavoidable effects of this economy. For those that fell behind on their mortgage payments due to being involuntarily unemployed, underemployed as a result of the economy or facing medical conditions that prevent them from working; help is in sight.
For applicants that are selected, they may qualify to receive an interest free loan up to $50,000. This money will be used to pay some of their monthly mortgage payments for up to two years. The program is intended to provide homeowners an opportunity to get caught up on their missed mortgage payments and get out of delinquency status. These at risk homeowners will be able to save their home from foreclosure using this federally funded, interest-free loan. The expectation is that HUD will be able to help thousands of families nationwide, but not everyone will be able to benefit from these limited funds. If the demand for assistance outweighs expectations the program, designed by the U.S. Department of Housing and Urban Development, plans to run a lottery to select successful applicants.
For more information about the program visit: http://www.nw.org/network/foreclosure/nfmcp/EHLPconsumers.asp