The Department of Housing and Urban Development will offer interest-free loans to aid unemployed borrowers with their mortgage payments in 32 states through its Emergency Homeowners’ Loan Program.
Home owners who are eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic conditions or a medical emergency are eligible for the program.
The program will “help families keep their homes while looking for work or recovering from illness,” says HUD Secretary Shaun Donovan. HUD is providing $1 billion to implement the program.
EHLP will help home owners in 32 participating states as well as Puerto Rico. For a full list of states and eligibility requirements, visit the HUD web site.
Source: “HUD: Help on the Way for Unemployed Home Owners,” AOL Real Estate (June 20, 2011)
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