View Full Version : Government Giving Free $$$ Again

06-20-2011, 07:38 PM
WASHINGTON, June 20, 2011 (GLOBE NEWSWIRE) -- The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks(R) America announced the launch of the Emergency Homeowners' Loan Program (EHLP) today, to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico.

Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement EHLP. The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition.

Under EHLP guidelines eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.

"Through the Emergency Homeowners' Loan Program the Obama Administration is continuing our strong commitment to help keep families in their homes during tough economic times," said HUD Secretary Shaun Donovan. "Working with our community partners across the nation through NeighborWorks(R) America, we are pleased to launch this program today in 27 states and Puerto Rico to help families keep their homes while looking for work or recovering from illness."

The EHLP funds will pay a portion of an approved applicant's monthly mortgage including missed mortgage payments or past due charges including principal, interest, taxes and insurance. EHLP is expected to aid up to 30,000 distressed borrowers, with an average loan of approximately $35,000.

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Of course these will be repaid. :rolleyes: