If you are an unemployed homeowner and struggling to pay your mortgage, you may be eligible to receive financial assistance through two new federal foreclosure-prevention programs facilitated by the U.S. Treasury Department and HUD. The Treasury Department is allocating $2 billion of additional assistance to be available through the Housing Finance Agency’s (HFA) Hardest Hit Fund.
HUD will also contribute with a $1 billion Emergency Homeowners Loan Program. The program will assist homeowners who are at risk of foreclosure and have had a substantial reduction in income due to job loss, underemployment or a medical condition for up to 24 months. To qualify, borrowers must meet the following criteria: be at least three months delinquent on their mortgage payments and have a reasonable likelihood to being able to resume repayment within two years; mortgage must be for the borrower’s principal residence, borrowers may not own a second home; and borrowers must demonstrate a good payment record prior to the event that produced the loss of income.
CLICK HERE for a link to the Housing And Urban Development website with official information.
Seventeen states and the District of Columbia are eligable at this time. They include: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C. Thu, Aug 12, 2010
Hope this helps! All my best, Kevin
GORMAN-ROSS Real Estate Network