IMPORTANT information about the Emergency Homeowners Loan Program.
THE DEADLINE FOR PRE-APPLICATION SUBMISSION BY HOMEOWNERS AT RISK OF FORECLOSURE IN VIRGINIA AND WEST VIRGINIA IS TOMORROW, JULY 22, 2011.
EMERGENCY HOMEOWNER LOAN PROGRAM (EHLP)
HUD is administering $1 billion Emergency Homeowners Loan Program to provide assistance -- for up to 24 months-- to homeowners who have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition and are at risk of foreclosure. The EHLP offers a forgivable, deferred payment "bridge loan" for up to $50,000 to assist eligible borrowers with their mortgage arrearages and payments on their for mortgage principal, interest, mortgage insurance premiums, taxes and hazard insurance for up to 24 months.
HUD has delegated key program administration functions to NeighborWorks America - an experienced and highly regarded national network of affiliated housing counseling agencies. Those functions include coordinating intake counseling, document preparation, and outreach.
West Virginia has $8,339,884 and Virginia has $46,627,889 to help struggling homeowners through EHLP.
Homeowners’ best course of action is to contact www.FINDEHLP.org or 855-FIND-EHLP (346-3345) to be connected with a local housing counseling agency assisting to administer the program.
Housing counseling agencies funded through the Emergency Homeowners' Loan Program can provide information and assistance needed to apply for the program. Pre-Applicant Screening Worksheets are due July 22, 2011.