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Piedmont Real Estate Blog

Emergency Homeowners Loan Program

Jul. 21, 2011
Categorized in: Foreclosures/Short Sales

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Christmas Presents

Nov. 30, 2007
Categorized in: Local Market Conditions

In what's been a pretty gloomy year for real estate in general, it's now raining gifts!

There are reports surfacing that President Bush has made a deal with several very large mortgage lenders, including Wells Fargo and Countrywide, the two biggest, to freeze interest rates on a number of their loans. These reports are unconfirmed and there are obviously no details, but what a delightful and intriguing possibility! This has the potential to have a huge impact on the 2008 market.

The Fed has done everything it can, short of taking out an ad in the New York Times, that it's going to cut interest rates again in December. While this does not directly impact mortgage rates, it does have implications for the entire credit market. And, since one of the problems plaguing the housing market right now is the greatly reduced lack of credit, this is also potentially very good news. The important thing here is not so much the rate cut itself as the recognition of the Fed that there's a serious problem and that they're committed to working to fix it.

And, speaking of the credit markets, the infusion of cash into Citigroup, courtesy of Abu Dabi is also a good thing. There appear to be other countries with large amounts of cash also contemplating stepping in and buying into some major financial institutions. This will all help in easing the credit crunch.

The stock market has had a great week. Again, there's no direct impact on the real estate market. But all these bits of good news impact consumers impressions of what's ahead for the economy. (By the way, I suspect that it's no accident that this is all happening during the Christmas shopping season!)

So, enjoy this unexpected plethora of gifts. May visions of sugar plums dance in your heads all weekend!

Piedmont Real Estate Blog

Blog by Julie Emery
Amissville, Virginia

An ongoing dialog on real estate news, opinion and trends in Northern Virginia and the greater Piedmont area. Julie is an Associate Broker at Frankly Real Estate Inc, 6304 Crossroads Circle, Ste 102, Falls Church, VA 22044

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