Monday, June 27, 2011

HELP (EHLP) for Underwater Mortgagees!

It's a Government thing, BUT it's too important to ignore!
Recently announced, there is a new program to help homeowners! It's called the Emergency Homeowners Loan Program initiated by HUD with processing through Neighbor Works America.
Since some statistics tell us that nearly 1 in 4 (11+/- million) homeowners are "under water" (mortgage balance exceeds value), this is an important program. One Billion dollars will be spent helping eligible homeowners keep their home from foreclosure. Approved in 32 states, this program will assist homeowners with forgivable, zero interest, two year "loans" of up to $50,000.

According to HUD, the program is designed to
"provide mortgage payment relief to eligible homeowners experiencing a drop in
income of at least 15% directly resulting from involuntary unemployment or
underemployment due to adverse economic conditions and / or medical emergency."
Are you eligible?
There are conditions, of course.
1. The homeowner must be at least 3 months delinquent in mortgage payments
2. The lender must have notified the homeowner of its intent to foreclose
3. The applicant must reside in the home as a principal residence
4. Household income must be equal to or less than $75,000 or must be less than 120 percent of the area median income for a family of four prior to the loss of income.
5. There must be an acceptable likelihood that mortgage payments and other expenses can be resumed within 24 months.
Worth checking out!

In other news:
I've not been lazy! There was no post on Friday as we were in the process of transferring the Responsible Referrals website to another host provider. Well, that always takes a little longer than you think it should. There was no down time, but making sure that everything works took some time. Then, as I was ready to post, I find that "blogger" isn't working either. I used the "old editor" so at least I was able to get something online. I hope they fix it soon!
Technology is great - until it isn't.

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