Wednesday, January 26, 2011

Unemployed and Own a Home?

Obama Administration announces additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs.
  • The Hardest Hit Fund provides $7.6 billion in targeted aid to homeowners in 18 states plus the District of Columbia, all hit hard by the economic downturn.
  • The Emergency Homeowners Loan Program (EHLP) provides $1 billion to help unemployed homeowners make their mortgage payments.

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:

  • Alaska
  • Arkansas
  • Colorado
  • Connecticut
  • Delaware
  • Hawaii
  • Idaho
  • Iowa
  • Kansas
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • New York
  • North Dakota
  • Oklahoma
  • Pennsylvania
  • Puerto Rico
  • South Dakota
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

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