In danger of foreclosure? You have until July 22 to apply for the federal government's Emergency Homeowners' Loan Program.
By Emily Glazer, WSJ
[Unfortunately, Florida is not included in the participating states, but Puerto Rico is included. Interesting!
EHLP will be available in the following states: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. EHLP is also offered in Puerto Rico. ]
Eligible homeowners can qualify for an interest-free loan to pay a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first. The money also can be used to pay missed mortgage payments and past-due charges including principal, interest, taxes, insurance and attorney's fees.
Requirements include household income no greater than $75,000 or 120% of the area median income. Homeowners also must be at least three months delinquent on mortgage payments and have received notification of their lender/servicer's intention to foreclose.
Loans will be given out to as many as 30,000 borrowers, with an average loan amount of about $35,000, according to the Department of Housing and Urban Development.
The program is available in 27 states, including Massachusetts, New York and Texas. In most states, you must apply through a participating credit-counseling agency, such as CredAbility or Money Management International. Connecticut, Delaware, Idaho, Maryland and Pennsylvania operate and administer the program directly.
Go to http://FindEHLP.org or call 855-346-3345 for more information.
Written by Emily Glazer, Wall Street Journal
http://online.wsj.com/article/SB10001424052702304569504576408220945889118.html?link=SM_spn_re_res
