If you or someone you know is in danger of losing their home because of this recession, a new federal program just became available that might help.
It makes more than $10 million available for New Mexico homeowners, but you must act quickly because the funding is limited and the timeline for applying is short - the pre-application is due July 22nd .
The funding comes through the Emergency Homeowners' Loan Program (EHLP), which was created by the Wall Street Reform law that Congress past last year. It provides mortgage assistance of up to $50,000 in interest-free, forgivable loans to homeowners who are in danger of foreclosure because of unemployment, underemployment or a temporary medical condition. It's an important lifeline for people who, through no fault of their own, are struggling just to keep a roof over their heads.
EHLP is coordinated by the U.S. Department of Housing and Urban Development (HUD) and the non-profit NeighborWorks. You can get all the details about the program here: http://ehlp.nw.org/
Here is some key info about the program from HUD:
DEADLINE:
July 22nd
WHAT IS IT?
Emergency mortgage assistance to homeowners who are at risk of foreclosure.
HOW DOES IT WORK?
EHLP provides eligible homeowners with a 0% interest, forgivable loan that pays past-due mortgage payments (principal, interest, taxes, insurance, attorney fees), as well as a portion of the homeowner's monthly mortgage payment for up to 24 consecutive months, or up to $50,000, whichever comes first, and provided that certain eligibility requirements are maintained.
WHO'S ELIGIBLE?
New Mexicans who are involuntarily unemployed or underemployed due to the economy or a medical condition. Full eligibility requirements
here
.
HOW TO APPLY?
Fill out the pre-application by Friday, July 22. To access that,
click here
.
Photo by Jeff Turner via Flickr .
