|Obama Administration announces additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs.|
Emergency Homeowners Loan Program
The US Department of Housing and Urban Development (HUD) has announced the $1 billion Emergency Homeowners Loan Program (EHLP) designed to complement Treasury’s Hardest Hit Fund by providing assistance to unemployed homeowners outside the states benefitting from Hardest Hit Funds. EHLP will work through a variety of state and non-profit entities to offer a zero-interest “bridge loan” of up to $50,000 to help eligible homeowners make their mortgage payments for up to 24 months.
Homeowners in the following states may be eligible to receive EHLP funds: