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Program launched to help homeowners catch up on mortgage payment

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Fair Housing symbol of Dept. of Housing and Urban Development

By Susan Gwiasda
City of Ames

(July 15, 2011 - 9 a.m.) The U.S. Department of Housing and Urban Development (HUD), in conjunction with NeighborWorks America, has launched the Emergency Homeowners’ Loan Program (EHLP) to help homeowners who are at risk of foreclosure in Iowa and 26 other states across the country.  The deadline to apply is July 22.

“This is a welcome opportunity for homeowners who, due to unfortunate circumstances, are behind on their mortgage.  This program will provide much needed financial assistance to those who qualify,” said Vanessa Baker-Latimer, City of Ames Housing Coordinator.

Congress has provided $1 billion to HUD to implement the new program, which will assist homeowners who have experienced a reduction in income or who are at risk of foreclosure due to involuntary unemployment or underemployment due to economic conditions or a medical condition.  Under EHLP guidelines, eligible homeowners may qualify for an interest-free loan, which pays a portion of their monthly mortgage for up to two years or $50,000.

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

For more information on the loan program, go to www.findehlp.org
 

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