Have you recently become unemployed and finding it extremely difficult to keep up with your mortgage payments? In case your answer is in the affirmative, you will be pleased to know that the Federal government has been able to design a program that would enable defaulters like you to get back into some stability. This particular step of the government is known as the Emergency Homeowners’ Loan Program and it will spend a total amount of $1 billion at zero interest. Loans up to $50,000 can be forgiven for those people whose incomes have taken a significant amount of dip. But to avail of this program, you need to act fast as the last date of application is approaching soon. The initial application needs to be submitted by the 22nd of July, 2011.
The Department for Housing and Urban Development in the United States of America is keen on spreading the word to the general public so that more and more people can benefit from this program. Massachusetts alone has been allotted a sum of $ 61 million to help out people who are struggling to pay up their loans.
Eligibility: In case you are wondering as to what are the eligibility criteria to be able to apply for the Emergency Homeowners’ Loan Program, they have been enlisted for you below:
a. Decrease of 15% or more in their incomes
b. A defaulter of three months on the payment of the mortgage
c. Prior to the dip in the income, the family must have had an income that is lower than 120% of the area meridian.
d. If you are a resident of Cape Cod and have an income that is less than $93,850, you will be meeting the requirement
Procedure: The process of sending in the applications is extremely simple. All you need to do is submit a pre-application through an approved non-profit organization. The names of such organizations have been listed in findhelp.com, in case you do not have access to the internet, call the number: 855- 346-3345.
There might be a chance that the number of people who are applying for the program could end up being more than the funds that are available for the same. Under such circumstances, a lottery will be organized for the selection of the candidates. Then those people will fill out another application form in details. The program will then payoff the amount that is overdue and bring them current on their payments. The homeowners will also receive adequate amount of assistance for up to two years or till the income of the household recuperates.
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