Foreclosure Help this may be your answer!
I received this info from one of my trust worthy loan officers. I am often called to hear stories of job loss, divorce, and I hate being unable to help. I dislike the most hearing stories of people loosing there homes. If you are going in to foreclosure look for help it may be out there. Here is one program to take a look at.
Hud’s EHLP -Eligible Homeowners Loan Program
The U.S. Department of Housing and Urban Development (HUD), in
conjunction with Neighbor Works(r) America, launched the Emergency
Homeowners’ Loan Program (EHLP) to help homeowners who are at risk of
foreclosure in 27 states across the country and Puerto Rico. This program was launched 6/21/11.
Under HUD’s EHLP guidelines, eligible homeowners can qualify for an interest
free loan which pays a portion of their monthly mortgage for up to two
years, or up to $50,000, whichever comes first.
How does it work with any program you must meet specific guidelines and there are many rules:
The EHLP loan is secured by a junior lien against the approved homeowner’s
principal residence, and is forgivable over a 5-year principal reduction
period, as long as the assisted borrower remains current in their monthly
mortgage payments and meets other program requirements.
“It’s important to remember that applicants must meet strict criteria for
this program,” said Kelly Gill-Gordon, VHDA Home-ownership Education Program
Manager. “These criteria include being at risk of foreclosure due to
involuntary unemployment or underemployment, a reduction in income, and
being three months behind on your mortgage. Local counseling agencies across
Virginia will be administering this program, and qualifying applicants will
be placed in a lottery for available funds. All program details can be found
at the program’s website, FindEHLP.org.”
HUD’s EHLP funds will pay a portion of an approved applicant’s monthly
mortgage including missed mortgage payments or past due charges including
principal, interest, taxes and insurance. The HUD program is expected to aid
up to 30,000 distressed borrowers nationwide, and approximately 1,200 in
The program is now available and the deadline is July 22, 2011. Homeowners
are encouraged to submit their information now to find out if they qualify
for this new mortgage assistance program, and learn more about other options
available to them.
Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, to implement the program. HUD’s
EHLP funding is a complement to the Hardest Hit Fund which makes available
$7.6 billion to 18 states and the District of Columbia that were hardest hit
by the housing crisis.
Contact information for participating agencies, the Pre-Applicant Screening
Worksheet and more information on HUD’s EHLP assistance and its eligibility
requirements can be found at http://www.FindEHLP.org
or by calling toll
free at 855-FIND-EHLP (346-3345).
It is to early to see the pros and cons of this program but If you are looking for an option feel free to call the contacts above for more EHLP info.
If you are in Hampton Roads, Southern Virginia Cities: Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Smithfield, Suffolk, Williamsburg, York County. Join the Group, http://activerain.com/groups/hamptonroads
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Deandrea “Dee Dee” Jones email@example.com
Associate Broker Wainwright Real Estate Virginia Beach, VA
Certified Real Estate Instructor Millennium School Of Real Estate