Tuesday, June 28, 2011
U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks® America has announced the launch of the Emergency Homeowners’ Loan Program (EHLP). The EHLP is designed to provide mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15 percent directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency. Under EHLP program 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. The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to HUD to implement the EHLP, and to date, the EHLP operates in 27 states across the country and Puerto Rico. Read the frequently asked questions to learn more about the EHLP.
For more information see http://nw.org/network/foreclosure/nfmcp/EHLPconsumers.asp