Do you know someone for whom a recent pink slip may lead to foreclosure? For 35,000 distressed and unemployed homeowners, help is on the way.
On Monday, June 20th HUD and NeighborWorks America announced a program designed to “buy time” for unemployed homeowners in jeopardy of foreclosure.
Congress appropriated one billion dollars for HUD to implement the Emergency Homeowners Loan Program (EHLP). It is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment, underemployment due to economic conditions or a medical condition.” Qualified applicants could receive an interest free loan for use in paying a portion of their mortgage for up to two years or a maximum of $50,000.00.
Get the Word Out
The challenge is getting the word out to those who need it. As a real estate professional, it pays to know about options such as this. The deadline is looming, so add value in your community by sharing the news in your social networking and newsletters.
Application Deadline
The deadline to apply is July 22, 2011. For full details and a screening worksheet refer homeowners to www.FindEHLP.org or 855-FIND-EHLP (346-3345).
Under the program, 27 States and Puerto Rico are eligible. The program’s predecessor the “Hardest Hit Fund” targeted 18 states with the most severe unemployment hardships.
For a list of the 27 eligible states, follow this link to the official HUD press release or check here for a DSnews.com overview.
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