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Unemployed Homeowners To Receive More Help From HUD

Oct 5, 2010 | Reprints | Unlock Link | Print

HUD Logo Unemployed homeowners in the state are set to receive $61 million from the U.S. Department of Housing and Urban Development (HUD) through the Emergency Homeowners Loan Program (EHLP).

The program will offer a forgivable, deferred payment bridge loan for up to $50,000 to assist eligible borrowers with their mortgage arrearages and payments on their for mortgage principal, interest, mortgage insurance premiums, taxes and hazard insurance for up to 24 months, according to a statement.

"The Emergency Homeowner Loan Program will provide limited and targeted assistance to help working families get back on their feet and keep their home while they look for work," said HUD Secretary Shaun Donovan. "In crafting this new loan program, HUD built on the lessons learned from Treasury’s Hardest Hit initiative to design and implement a program to assist struggling unemployed homeowners avoid preventable foreclosures."

Residential Real Estate